Telemedicine Device Startup MedWand Receives Investment from Maxim Ventures

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Partnership allows MedWand to enhance device capabilities

MedWand Digital Health has announced a major investment from Maxim Ventures, the venture arm for Maxim Integrated Products, Inc. (NASDAQ: MXIM), a leader in analog integration which designs, manufactures, and sells high-performance semiconductor products. The amount of investment was not disclosed.

MedWand, headquartered in Las Vegas, Nevada, creates technology that allows patients to be examined remotely with a multi-diagnostic handheld device over Internet and satellite links. Dubbed the “telephone of medical exams,” the MedWand has won numerous awards and accolades for its ability to allow patients to be examined from anywhere. MedWand was the winner of the 2015 Health 2.0 Launch event after its inventor, Dr. Samir Qamar, examined a patient hundreds of miles away in front of a live audience.

MedWand CEO and Chairman, Dr. Qamar, commented on the investment. “Maxim is an international leader in its field, and a perfect partner given its current interests in healthcare. We envision a long-term, symbiotic relationship that will assist our common vision of advancing healthcare technology worldwide.”

Robert Rose, MedWand President and CTO remarked, “Having worked with Maxim from the very beginning, their support and technology have been immensely helpful in the development of MedWand. Our engineers are excited to work with a world-class company like Maxim.”

Shailendra Mahajan, Managing Director of Maxim Ventures, had been following MedWand for some time. “We saw promise in MedWand from the start. Our sensor technology fits nicely into MedWand’s development,” he said. Chris Neil, Head of Maxim Ventures, commented, “Telemedicine is already widely offered as a more convenient and lower-cost alternative to physically visiting your doctor. MedWand becomes the eyes and ears of the doctor, offering wider diagnostic capabilities and a better patient experience, which will further drive telemedicine adoption.”

This is MedWand’s second institutional investment within its seed round, the first having come from renowned electronics manufacturer Foxlink. With pre-orders and global distribution deals in hand, MedWand is currently welcoming Series A investors, according to company officials. The MedWand device is expected to clear FDA approval in 2017.

About Maxim Ventures
Maxim Ventures, the venture arm of Maxim Integrated Products, Inc. (“Maxim”), invests in new businesses that are “beyond the chip.” We leverage Maxim’s enabling sensor and integrated circuit technologies and use that know-how as the basis to build companies that extend up the data-flow value chain into equipment, systems, software and services. Visit them at http://www.maximventures.com.

About MedWand Digital Health
MedWand Solutions, Inc. creates award-winning telemedicine technology, allowing consumers to be remotely-examined by medical providers. Designed to be used by patients and providers together, the handheld MedWand device is portable and combines a digital stethoscope, high-definition video camera for looking at skin and inside passages, otoscope, ophthalmoscope, thermometers, pulse oximetry, respiratory and heart rate monitors, EKG, and Bluetooth for peripheral device data. MedWand devices pair with computers and tablets to create virtual clinic capabilities for consumers worldwide. For more information, visit http://www.MedWand.com, or follow on Twitter @MedWand.

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Samantha Rivera
MedWand
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