Digital health care company Preventice Solutions announced Wednesday that it had secured $137 million in a Series B round of funding.
The round was led by Palo Alto, Calif.-based Vivo Capital with participation from Danish firm Novo Holdings A/S. Both are new investors in Preventice. The company also received support from existing investors, including Merck Global Health Innovation Fund, Boston Scientific and the Samsung Catalyst Fund.
As part of the deal, Joe Siletto, managing director of Vivo Capital, will join Preventice's board of directors.
"Preventice's team has leveraged its software industry experience to design a scalable, mobile and cloud-based solution to establish the company as a leader in the rapidly growing remote monitoring space," Siletto said in a statement.
Preventice makes remote heart-monitoring devices. It has around 65 employees in Minnesota between its office in Rochester and headquarters in Eagan. Preventice also has a substantial presence in Houston, Texas, where it has more than 200 employees, according to LinkedIn.
The company launched in Rochester to develop tech invented at Mayo Clinic. In 2014, Preventice combined with Houston-based eCardio Diagnostics.
Preventice said that it will use the new funds to expand its sales team and continue to build out its technology.
"We are setting a new standard for monitoring of cardiac arrhythmia patients," Preventice CEO Jon Otterstatter said in a release. "Our robust and growing success with physicians and payers accentuates the compelling value proposition of using novel technology to improve diagnosis, while also increasing the efficiency of health care delivery."
