A Chicago-area startup wants to be the next great American health care company.
The brainchild of John Rogers, one of Chicago’s best-known inventors, Sibel Health raised significant funding this week to help advance its remote patient monitoring and hospital care technology and further grow the company.
Sibel Health announced it raised $33 million in its Series B financing round led by the Steele Foundation for Hope.
Founded in 2018, Sibel has now raised more than $50 million to date. The startup will use the new funding to advance its FDA-cleared Anne platform, which includes wearable sensors, AI-enabled data analytics and an integrated mobile software and cloud platform.
“John and I founded the company in a way that we’re extremely ambitious,” CEO Steve Xu told the Chicago Business Journal. "Ultimately I see Sibel as having a platform technology that’s very conducive to an IPO to build the next great American health care company. I think that’s what our trajectory is.”
The Chicago startup also added Jon P. Otterstatter, ex-CEO and co-founder of Preventice, as its chairman of the board, and Matt Banet, Ph.D., co-founder of Sotera Wireless and toSense, as its president this week.
With around 45 employees currently, Xu said the company is hiring with the goal to bring "world-class technical talent" on board.
"This company was founded by world-class engineers, and I'm a doctor myself, so we want to continue to expand now that we have the growth capital to do so," he said. "Medtech is a great industry, and we love the built-in Chicago mindset. Great medtech happens in places not named San Francisco and Boston."
Headquartered at 6650 W. Touhy Ave. in Niles, Illinois, Xu said the company works out of a roughly 11,000-square-foot space.
"Made in Chicago and spun out of Northwestern and growing here in this locale, we really think it's a rich testbed for innovation," Xu added.
