HealthWatch, a Tel Aviv, Israel-based developer of medical-grade smart clothing technology, received a $20M investment.
Yiling Pharmaceuticals, traded on the China Shenzhen Stock Exchange, will make the investment. Out of the proceeds, $15m will be used to purchase a 23% share in HealthWatch, to support the continued development of its healthcare IoT smart clothing technology and product range. A further $5m will be paid for Chinese distribution rights, with Yiling Pharmaceuticals forming and further investing into a local subsidiary company to oversee the product commercialization process and expedite entry into the Chinese market.
Led by Guy Neev, CEO, and Dr. Yoram Romem, founder and Chairman, HealthWatch has developed a CE/FDA-approved, medical device garment – based on patented textile-sensing technology – that continuously monitors ECG and wider vital signs. The wearer’s processed medical data is sent in real-time to a smartphone and/or remote medical professional for review and action.
The company’s flagship product, MasterCaution®, enables the earlier identification of serious cardiac events including ischemia and arrhythmias, before they become life-threatening. The garment also provides actionable real-time data on sudden patient falls, respiratory difficulties, lack of motion and worrying temperature changes.