The US digital health and remote care company Validic has closed a US$12m in funding to improve its remote care platform.
Validic’s financing comes on the heels of broader efforts to protect improved healthcare access made possible through digital technologies, including proposals to extend telehealth flexibilities beyond the COVID-19 Act.
The global remote patient monitoring market is valued at US$1.5bn in 2022 with a CAGR of 20 per cent from 2022 to 2030, bringing the revenue forecast in 2030 to US$6.7bn.
“With the rapid growth of digital health technologies, people expect a more personalised, engaging and convenient experience with healthcare providers,” said Validic CEO, Drew Schiller.
“Blending in-person and virtual care modalities, as well as incorporating personal health data and devices into the standard of care, enables greater collaboration, better care, improved patient satisfaction, and care team efficiency.
“Validic’s proven remote care technology and infrastructure make this an easy and seamless experience for providers and patients, and can be deployed on a national scale,” Schiller added.
“We are incredibly fortunate to have investors like Kaiser Permanente Ventures and others who share our mission of improving the quality of human life by making personal data actionable.”
Validic says it will use the capital to continue investing in its digital health and remote care platform.
According to a client survey, 88 per cent of physicians say the platform’s embedded EHR remote care solution saves them time.
Chris Stenzel, executive managing director for KP Ventures which led the funding round, said: “Validic has been and continues to be an important part of Kaiser Permanente’s efforts to improve quality of care for our 12.6 million members in a way that is more convenient, accessible, and affordable.
“We are proud to lead this latest funding round, which will help us continue to deliver technology and tools for health promotion, disease prevention, state-of-the-art care delivery, and world-class chronic disease management.”
