San Francisco-based Siren, a medical device maker company has developed a technology through which it is making smart, washable fabric wearables, has announced picking up $11.8 million as part of Series B financing. The round has been led by Anathem Ventures with participation from names like DCM, Khosla Ventures, 500 Startups, and Peter Thiel's Founders Fund.
Prior to this round, the firm had raised seed and angel investment. In 2018, the firm picked up $3.4 million in seed capital. The current financing takes the total amount raised by the firm to $15.4 million. DCM's Jason Krikorian is set to join the board of Siren as part of the financing.
The company was founded in 2015 by Henk Jan Scholten, Jie Fu, and Ran Ma as a company that makes medical devices. One of the first product which the company is making is an FDA-registered temperature monitoring sock which detects the risk of diabetic foot ulcers.
Ran Ma, the CEO of the company talking about the current situation and the product said that "COVID-19 has changed healthcare now and forever. Digitization and virtual care are no longer a nice-to-have, it's a need-to-have. Patients need remote patient monitoring to collect and send crucial health data to their physicians. Clinics, by transitioning some medical staff into virtual monitoring, can stay operational, prevent job loss, and allow patients to continued access to care. Additionally, as a medical device company, we have changed the way that we do business - how we make sales, provide customer support, and how our products work. The companies who not only survive but thrive, are the ones best able to evolve and help their customers adapt to this new world."
Anathem Ventures' Managing Partner Crystal McKellar talking about the investment said that "Technology, at its best, should deliver higher functionality at a fraction of the cost. In the healthcare space, this means improving patient outcomes while reducing the financial burden to the system. Siren's breakthrough technology combines all of these important adoption drivers, and I am thrilled to partner with Siren to help further the company's growth."
It will be interesting to see how the firm plans to move forward and another aspect which will interest people around will be the cost of the sock which it wants people to use.
Image courtesy: Siren Care