The end-to-end innovation support and leverage we received from Insight made it possible for us to exceed our aggressive development timelines and navigate the medical domain. The success we've experienced to date would not have been possible otherwise.
Chicago, IL (PRWEB) July 31, 2014
Insight Accelerator Labs member PhysIQ (formerly known as VGBio) has completed a Series A round of investment for $4.6 million to fund the continued development of its innovative wearable device for collecting vital signs. The company joined Insight Accelerator Labs in 2012 to bring their healthcare technology to fruition with the help of Insight development teams.
“PhysIQ’s recent funding milestone underscores our reason for launching the Accelerator,” says Steve McPhilliamy, Executive Director of Insight Accelerator Labs. “There are without question, a finite number of product innovation opportunities in the medical space. Even the most inventive, life-enhancing products can fail to see their full market potential without seasoned development resources and strong support in the medical realm.”
PhysIQ is the first patient-centered analytics platform for both the regulated Healthcare and unregulated Health & Fitness markets. The PhysIQ platform constructs a personalized baseline norm for each person monitored, rather than simple trending or comparison to population-based statistics.
“Our series A funding is a testament to Insight Accelerator Labs’ value to us as a start-up,” says Gary Conkright, CEO of PhysIQ. “The end-to-end innovation support and leverage we received from Insight - from product strategy, to long-range scaling and technical development to production - made it possible for us to exceed our aggressive development timelines and navigate the medical domain. The success we’ve experienced to date would not have been possible otherwise.”
Insight worked closely with PhysIQ to develop its patient wearable device, VitaLink - which enables continuous monitoring of patients with chronic diseases, that enables clinicians to provide proactive treatment. Featuring a body worn sensor network, the device collects patient vital signs and utilizes proprietary personalized analytics to identify changes in physiology that could be early signs of an exacerbation.
The wearable sensor system of the VitaLink remote patient monitoring solution was developed with Insight as part of a contract physIQ had with US Department of Veteran Affairs, Center for Innovation. The product is currently part of two internal review board approved clinical studies; one with the Veterans Administration and a second with the University of Chicago Medical Center. The recent Series A funding is the first of several expected by the company to further expand the technology’s scale and advance its commercialization.
About Insight Accelerator Labs
Insight Accelerator Lab (IAL) is the first medical device accelerator in the Midwestern United States. Founded in 2013 by design innovation consultancy Insight, the company partners with top healthcare entrepreneurs to develop innovative medical device technologies that will have a positive impact on people’s lives. IAL’s organizational mission is helping its member companies successfully overcome the hurdles inherent to the complex, long-cycle medical device development ecosystem that so commonly prevent life-improving innovation from making it to market. For up to 18 months, start-up medical device companies that participate in the program receive expert mentoring, product development services, grant and award application assistance and extensive infrastructure support from Insight’s development teams from product ideation toward the ultimate commercialization of their products. For more information, visit http://www.insightpd.com/insight-labs.