PLANO, Texas, Sept. 11, 2019 /PRNewswire/ -- VitalTech™, an industry leader in connected health and remote patient monitoring, announced the closing of their Series A financing round from two strategic investors: Concord Health Partners, a healthcare focused investment firm, and Stanley Ventures, the investment arm of Stanley Black & Decker. Stanley Healthcare is simultaneously entering into a commercial agreement with VitalTech™ to resell the VitalCare™ and VitalBand™ product lines.
VitalTech's™ digital health platform, VitalCare™, integrates vital signs, nutrition, medication reminders and communication tools that engages patients and allows for better, more proactive care. "Seamless integration and ease-of-use for all stakeholders is a must for success in digital healthcare technologies," says VitalTech™ CEO James Hamilton. "We developed our platform around the idea that we need to bring greater context and intelligence to health data without adding burden to existing workflows."
"Concord's investment in VitalTech™ reflects our strategic focus on enhancing the value of care through technology that lowers costs, improves quality and expands access to care," says James Olsen, Founder and Managing Partner of Concord Health Partners.
"Stanley Black & Decker's healthcare division is investing in technology that provides innovative solutions and technology for safer, more secure and more efficient care in senior living, hospitals and clinics," says Suzanne Foster, President of Stanley Healthcare. "Our partnership with VitalTech extends our ability to empower caregivers to provide the best care possible to their patients."
"The advantages of having Concord and Stanley as investors goes well beyond the financial aspects of the partnership," said James Hamilton. "This funding round will accelerate our go-to-market activities, deliver on the product roadmap, and enable the company to capitalize on the newly released reimbursement codes that were introduced by the Centers for Medicare and Medicaid Services (CMS)."
About Concord Health Partners
Concord Health Partners, an investment firm sponsored by the American Hospital Association, is primarily focused on investing in healthcare companies that aim to enhance the value of care through products, services, technologies and solutions that lower costs, improve quality and/or expand access to care. Concord Advisors include key opinion leaders, executives, operators, entrepreneurs, clinicians, and consultants for hospital systems and ACO's across the country.
About Stanley Black & Decker
Stanley Black & Decker is a $14 billion revenue, purpose-driven industrial organization. Stanley Black & Decker has 61,000 employees in more than 60 countries and operates the world's largest tools and storage business, the world's second largest commercial electronic security company, a leading engineered fastening business as well as Oil & Gas and Infrastructure businesses. The company's iconic brands include Black & Decker, Bostitch, CRAFTSMAN, DEWALT, FACOM, Irwin, Lenox, Porter Cable and Stanley. Stanley Black & Decker is a company for the makers and innovators, the craftsmen and the caregivers, and those doing the hard work to make the world a better place.
About Stanley Ventures
STANLEY Ventures is the corporate venture arm of Stanley Black & Decker. STANLEY Ventures partners with the company's businesses to drive innovation and push the boundaries of what's possible through strategic investments in startups who are developing technologies that redefine industries. They are "For Those Who Make the World Innovative."
VitalTech™ is an innovative remote patient monitoring and digital health company that has developed medical grade biosensors integrated into a suite of easy-to-use wireless mobile devices and software services. VitalTech™ has developed a digital health platform which simplifies workflows and supports connected care through remote patient monitoring and telehealth. VitalTech™ has a mission to change lives through unprecedented innovation that informs, engages and empowers patients and caretakers to better manage health, fitness, and personal well-being.
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