Blue Spark Technologies Inc., a leader in wearable remote patient monitoring solutions, has raised a $40 million intellectual property-based debt solution to fund growth led by GT Investment Partners (“Ghost Tree Partners”) with support from Aon plc (NYSE: AON). The funding will go towards scaling the company’s sales and marketing functions and the continued advancement of Blue Spark’s wearable remote patient monitoring solutions.
TempTraq®, Blue Spark Technologies’ patented innovation, is the only continuous, disposable, real-time body temperature monitoring patch that gives healthcare providers a way to monitor patients for fever spikes for up to 72 hours. The comfortable, disposable patch is an FDA Cleared Class II medical device that significantly improves the way temperature is measured in the clinical environment, providing clinicians a quicker, easier, and more effective way to continuously measure temperature in both inpatient and out-patient settings.
“Hospitals are seeking to improve patient care, reduce readmissions, optimize reimbursements and gain competitive advantage. TempTraq has been clinically proven to accurately detect fevers much earlier than the current standard of care,” said John Gannon, President and CEO, Blue Spark Technologies. “Having Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring solutions to the market.”