Palarum, LLC, a Lebanon, Ohio-based new healthcare IoT technology company, secured $3.4m in funding.
The backers were not disclosed.
The company intends to use the funds for the ongoing development and market testing of its platform.
Led by healthcare expert and former UC Health executive Patrick Baker, President and CEO, Palarum is advancing a proprietary technology platform designed to enhance patient safety protocols in acute care healthcare facilities.
The company plans to offer an integrated solution that monitors patient movement through the use of a patented smart textile fabric enhanced with various IoT (Internet of Things) technologies. Palarum’s new solution, named PUP™, will provide healthcare facilities an enhanced monitoring, notification, and data capture platform designed to improve the care and safety for patients determined to be a potential “fall risk”.