Propeller Health Raises $14.5 Million in Funding
Madison, Wisc.-based Propeller Health, a startup which has created a mobile app that works with a sensor on an inhaler to monitor asthmatic patients and those with chronic respiratory disease, raised $14.5 million in Series B financing.
Propeller, formerly known as Asthmapolis, says it will use the funds to accelerate product development, strategic alliances, client services, sales and marketing. The company says in the last year it doubled its number of commercial programs and added its first contract with an accountable care organization. They also received Food and Drug Administration (FDA) clearance for a new inhaler sensor and is concluding a 500-person randomized control trial at Dignity Health, a 42-hospital, multi-state health system based in the city of Sacramento, which was interviewed by Healthcare Informatics for its usage of the asthmatic mobile app.
“We’re fortunate to have the backing of partners with expertise in scaling enterprise and consumer digital health solutions. Together we aim to change the day-to-day life of people with chronic respiratory disease and the physicians who care for them," David Van Sickle, CEO and co-founder of Propeller Health, said in a statement.
The latest round of financing led by Safeguard Scientifics with participation from Series A investor The Social+Capital Partnership. Last year, the company raised $5 million in financing.
