Life sciences investment firm BioScience Managers has invested in a new medical device platform through their BioScience Managers Ventures Fund I.
The Canary Health Implantable Reporting Processor (CHIRP) uses sensor and novel communication technology in medical devices to enable remote patient monitoring.
BioScience Managers invested as part of a syndicate led by Quark Venture and GF Securities, including Relentless Pursuit Partners’ Venture Fund in the first institutional round of investment in Canary Medical.
The global orthopedic implants market was valued at greater than $47 billion in 2016, and is expected to grow to $75 billion by 2023. This translates to nearly $1 billion worth of medical implants currently inserted surgically into patients on a weekly basis. These devices are mostly silent with no monitoring capability.
Canary will provide real-time feedback through its CHIRP system on an implant’s performance to be analysed using Canary’s Data Analytics software.
"Their resulting medical grade, super data set from the Canary implant and connected informatics network will enable better healthcare delivery for clinicians, both passively and remotely, translating to improved patient outcomes and reduced healthcare costs," said BioScience Managers in a statement.
"One of the problems with wearable health and fitness monitors is that people forget to wear them, wear them only when they're going to be active, or get bored with them and stash them away in their night table drawer," said Bill Hunter, CEO of Canary Medical. "Wearable data is just not adequate, accurate, or continuous enough to base important medical decisions upon it; the Canary system eliminates all these problems. chief The funding provided by this financing will enable development of the ‘smart’ artificial knee implant through to commercial release. We have multiple use cases for the system; in addition to a variety of orthopedic applications, we will be tackling vascular implants next. "
BioScience Managers chief investment officer Matt McNamara said: “The Canary Medical technology has the capacity to deliver better patient outcomes, more efficient delivery of treatment and a reduction in the cost of healthcare provision. That’s a triple bottom line outcome from a medical device using smart technology, while being at the forefront of healthcare management.”