The $60m Series B funding round for Withings was co-led by healthcare investment specialists Gilde Healthcare, and long-term partners and investors of the wearables pioneer, Idinvest Partners and Bpifrance. The company was spunout of Nokia Health in 2018 and over the last decade has developed a range of wearable health monitors.
Withings is working with the Department of Cardiology at the University Hospital of the Ludwig-Maximilian’s University of Munich, Germany, to integrate its coming ScanWatch into a Covid-19 patient monitoring project using artificial intelligence (AI). The ScanWatch is capable of tracking the blood oxygen saturation and the heart rhythm by wrist measurements.
"I strongly believe in technology’s ability to transform society’s health by allowing anyone to regularly monitor their vitals from home and involve health professionals in this process. Today, we are in an exciting time where medicine is becoming personalized, continuous, and based on data analysis, and I am proud Withings is at the heart of this revolution. With funding from like-minded partners, we can scale our efforts globally and continue to invest in new technologies and AI tools that can detect and predict medical conditions," said Eric Carreel, President and co-founder of Withings.
The funding will be used to develop the MED PRO division launched last year to be a trusted data intermediary between patients and healthcare professionals, as well as accelerate the development of the next generation of consumer health devices with medical grade and predictive capabilities. It also plans to add 100 new positions in the United States and in France by the end of the year to strengthen its teams working on research and development, sales, and marketing.
The MED PRO division allows medical professionals, institutions, disease management programs, coaching platforms, and researchers to use Withings wearables and data analytics within their own systems. It has been involved in over 100 clinical and academic studies by leading organizations such as Mayo Clinic, Harvard University, the European Georges Pompidou Hospital,