South African biotech startup LifeQ secures $47m in Series A funding
South Africa and US-based biotech startup LifeQ secured $47 million in Series A funding from One Bio Venture Studio, a Cape Town-based VC and several other investors.
Founded in 2014 by South African entrepreneur duo Riaan Conradie and Laurie Olivier, LifeQ provides users with access to biometric and health information derived from wearable devices.The funding will be used to help the startup meet its demand for remote health monitoring that has been spurred on by the global pandemic.
Laurence Olivier, CEO and Co-founder, LifeQ: “Much of the capital from the Series A round will be used to help hospitals and physicians develop remote monitoring in addition to the consumer-device monitoring LifeQ currently provides.”
LifeQ’s firmware and permanent software that has been programmed into hardware devices, can provide early warning and detection by tracking factors such as sleep patterns, heart rate, and exercise routines. This innovative technology is able to send out an alert if something is wrong and uses the data collected to generate health and wellness solutions for consumer, business, and clinical applications. Businesses that have partnered with LifeQ’s innovative software offering include Fossil Group Inc., Samsung Electronics Co, and more.
The startup’s first remote patient monitoring solution will be piloted at both hospitals and general physician applications near the end of this year. The service will enable hospitals to track vitals such as heart rate and breathing rate in wards beyond the intensive care unit. In addition, the tool will enable physicians to monitor patients from a remote location.