Biobeat Technologies announced it has closed a $50 million Series B equity financing to accelerate the commercialization of its FDA-cleared, cuff-less 24-hour ambulatory blood pressure monitoring (ABPM) system in the United States.
The round was led by new investors Ally Bridge Group, OrbiMed Advisors, and Elevage Medical, and included participation from a strategic investor. Biobeat said proceeds will support the expansion of its U.S. commercial footprint, including the growth of its field sales organization.
Biobeat positions its disposable, patch-worn sensor as an alternative to traditional cuff-based ABPM devices, which the company said have been underutilized due to disruptive inflation cycles that can reduce patient compliance as well as logistical challenges tied to device handling and data collection. The company’s approach is designed to allow patients to continue daily activities and sleep without interruptions while capturing 24-hour blood pressure data, including nighttime measurements. After the ambulatory test, the device is disposed of by the patient and the system generates an automated report that can be made available in an institution’s electronic medical record, according to the company.
Biobeat said its goal is to help make ABPM more widely adopted in hypertension diagnosis and medication titration, citing more than 100 million hypertensive patients in the U.S. as the addressable population.
In conjunction with the financing, Biobeat added new directors to its board, including Steven Plachtyna of Ally Bridge, Dina Chaya of OrbiMed, and Evan Melrose of Elevage.
Biobeat operates in Tel Aviv, Israel, and Boca Raton, Florida, and focuses on continuous blood pressure monitoring technologies intended to improve patient comfort while delivering clinically useful, around-the-clock readings.
KEY QUOTES:
“I am delighted to welcome world-class venture capital investors Ally Bridge, OrbiMed and Elevage to the Biobeat team. We believe that Biobeat will have a profoundly positive impact on clinical utilization of ABPM, similar to what was experienced with ambulatory ECG monitoring once a patch-worn device became available.”
Raymond W. Cohen, Executive Chairman, Biobeat
“This is an exciting time for the company as we bring on a talented field sales team to expand commercialization of our novel ABPM system. Based on our winning, clinically validated embodiment, the time has finally arrived to make ABPM a true standard of care to help diagnosis and titrate anti-hypertensive medications for the over 100 million hypertensive patients in the U.S.”
Arik Ben Ishay, CEO, Biobeat
