PaceMate, a real-time cardiac data management platform, received an undisclosed investment from New York- and California-based Lead Edge Capital, a technology-focused investment fund.
Ballast Point Ventures in Tampa led PaceMate's $6 million Series A round in 2021 and this week announced Lead Edge's growth round and majority recapitalization.
“Lead Edge Capital’s investment propels our strategic vision and growth trajectory, allowing us to rapidly scale our presence, expand our product portfolio, and deliver flexible solutions to more health care institutions," said Tripp Higgins, CEO and co-founder at PaceMate, in a statement.
PaceMate serves over 90 clients with over 200,000 patients monitored and has grown revenue in excess of 100%. It has also added cardiac practices and health systems as customers.
Matt Rice, partner at Ballast Point Ventures, will continue to serve on the PaceMate board of directors.
"We’ve been interested in the remote patient monitoring space and how you better manage patients outside of the clinical or hospital setting. [PaceMate takes] data that comes off implantable cardiac devices and allows those events to be managed remotely," Rice told Tampa Bay Inno. "The reason the company’s experienced such explosive growth is this is better care for the patient and better reimbursement for the provider. ... They're in a great market."
Lead Edge has invested in companies such as Duo Security, Toast, Spotify, Wise, Alibaba Group and Grafana, according to a release.
Raymond James & Associates was the financial adviser and Foley & Lardner was legal counsel to PaceMate. TripleTree was the financial adviser and Goodwin Procter was the legal counsel to Lead Edge Capital.
PaceMate reported $5 million equity raised in July to the U.S. Securities and Exchange Commission and another $5.2 million raised in August. However, Rice told Tampa Bay Inno those amounts do not reflect the majority recapitalization led by Lead Edge.
