SwipeSense raises $10.6M for Internet of Things push

SwipeSense raises $10.6 million for internet of things push

Mert Iseri and Yuri Malina

Mert Iseri and Yuri Malina

SwipeSense’s goal to get hospital staff to wash their hands more often led to something much bigger.

The company raised $10.6 million to keep building what CEO Mert Iseri calls an “indoor GPS for hospitals.” San Francisco-based Eclipse Ventures led the round, with participation from Chicago’s Sandbox Industries.

SwipeSense, which traces its roots to Northwestern University, got its start peddling hand sanitizers that tracked how often employees washed their hands. That’s a big deal to hospitals trying to cut down on infections transmitted from staff to patients.

Iseri’s team soon discovered that only about 10 percent of the staff used portable sanitizers. Most workers preferred to use wall-mounted dispensers in patient rooms. So SwipeSense went back to the drawing board and came up with a way to put a sensor in the drip trays attached to dispensers. And it put a sensor on a card that could be paired with an employee ID badge. Add in a wireless beacon plugged into a wall, and SwipeSense basically had an IoT network for a hospital.

SwipeSense began focusing more on data and analytics after a $10 million investment led by Eclipse in 2015. It took some serious engineering and reworking to come up with the sensor network, Iseri said.

In mid-2016 it launched a pilot test, rolling it out to four hospitals. Today it has signed up 20 hospitals, including MacNeal Hospital in Berwyn, Iseri says. They pay for the technology with a flat per-bed fee, which SwipeSense declines to disclose.

The technology helped solve the original problem of hygiene. He says one hospital reported a 300 percent increase in hand hygiene by staff; another saw a 49 percent drop in hospital-acquired patient infections. Customers found other uses beyond hygiene, Iseri said.

“We built a low-cost, asset-tracking solution,” he said. The company has raised $23.3 million overall, and it doubled headcount to 42 in the past year, Iseri said. He’s looking to drum up more sales for the product and build out the technology for additional uses.

A bigger market also means SwipeSense will be facing off against bigger competitors, such as Stanley Healthcare in Waltham, Mass., San Diego-based Awarepoint and Versus Technology in Traverse City, Mich. “There are a lot of people doing asset tracking,” says Jim Gagnard, former CEO of Lisle-based SmartSignal, an early internet of things company focused on manufacturing that was bought by GE in 2011. “If you try to be a platform, you better have some staying power. I don’t know if (SwipeSense is) big enough to do that.”

Solovis Strengthens Analytics Capabilities with Acquisition of Madrone Software

Solovis, a multi-asset class portfolio management, analytics and reporting platform for limited partners and asset allocators, today announced the acquisition of Madrone Software & Analytics, Inc. a provider of portfolio, risk analytics and market intelligence for the asset management industry. With the acquisition of Madrone, Solovis clients gain access to advanced fund analytics, detailed risk analysis, and operational and investment due diligence capabilities – enabling them to make better strategic portfolio decisions.

The purchase of Madrone, based in San Francisco, CA, aligns with Solovis’ strategy to deliver a single technology platform for configurable, multi-asset class reporting that factors in performance, risk, exposure, liquidity, and fund-level transparency and aggregation. Asset owners and asset managers will now be able leverage Madrone’s behavioral-based analytics within Solovis’ highly configurable platform to more accurately measure portfolio and organizational skill and risk.

 

Veterans respond well to home-based cardiac rehab, Moving Analytics, app, VA study shows

April 06, 2017
While it’s not uncommon for patients at the Atlanta Veterans Affairs Medical Center to have had a heart attack or cardiac procedure, few participate in rehabilitation programs after. But give them a smartphone-based rehab program, and they seem to take to it, suggests a small study of Veterans.

Using the home-based virtual rehab program from Moving Analytics over a period of 12 weeks, 23 Veterans felt encouraged and engaged with their recovery, which led to better fitness outcomes. With high retention rates and improved functional and clinical health, apps could be an easy, inexpensive way to get more Vets to enroll in cardiac rehab programs.

“When we reviewed our internal data, we realized that only 10 percent of our eligible Veterans were successfully enrolling in a cardiac rehab program. This made us realize that we could do a lot more to help the remaining 90 percent receive the same benefits that cardiac rehab provides,” Dr. Arash Harzand, research fellow at the Atlanta VA and co-investigator said when the pilot first launched.

To start the program, Veterans and a healthcare professional provided the data required for the app to make a clinical evaluation, from which a tailored home rehab program was created. Veterans would check in on the app daily to log exercises and metrics like blood pressure and weight, and would also connect with a cardiac nurse for phone-based coaching. Nurses reviewed progress remotely via the Moving Analytics integrated cloud-based dashboard.

The Veterans were into it, and the VA Center for Innovation-funded study had an 80 percent retention rate 90 days later. They also saw a 20 percent improvement in functional capacity and a reduced systolic blood pressure of 10 mmHg from baseline. Considering the older age range and historically low turnout for other cardiac rehab programs, the investigators were impressed at how well the Veterans responded to the app.

“What surprised us was how well Veterans embraced the technology,” Harzand said in a statement. “Our work showed us that it’s feasible to utilize smartphones and digital tools to engage and coach this population effectively.”

Likewise, care managers also reported high satisfaction with the app, and the Atlanta VA team plans to expand the Moving Analytics platform to more patients across multiple sites.

“Delivering virtual cardiac rehabilitation via smartphones is a great example of a powerful tool that can help improve the experience of Veterans receiving care from the VA to help improve both their health and quality of life” Andrea Ippolito, Innovators Network Lead at the VA Center for Innovation said in a statement.

In addition to the VA, San Francisco-based Moving Analytics works with several large health systems including the Mayo Clinic, NYU Langone Medical Center and the Keck School of Medicine at the University of Southern California.

New Money: LogicGate Raises $1.9M to Help Businesses Automate Risk and Compliance

Deal: $1.9 million seed round

Investors: Chicago Ventures, OCA Ventures, Hyde Park Venture Partners, MATH Venture Partners, Techstars Ventures, Firestarter Fund, Sandalphon Capital, and Connetic Ventures.

What they do: LogicGate provides a platform for growing and established businesses to create highly-controlled, auditable applications, as well as “mission-critical” compliance processes. The LogicGate platform allows businesses to create a drag-and-drop flow chart of their business processes to create an app (without writing any code), or use one of their pre-created templates that cover processes such as regulatory change management, incident management and audit management. LogicGate focuses on six industries, including education, financial services, healthcare, retail, energy, pharma and life sciences.

“We’ve found that many companies have been managing critical compliance and regulatory processes with what we call ‘duct tape and bubble gum’ – using spreadsheets, emails, and even paper and pencil. That works up until a point, but when it fails it can cause massive disruption for an organization,” said Matt Kunkel, CEO and cofounder of LogicGate, in a statement. “Our mission is to provide an agile, self-service platform that automates many of the governance, risk, and compliance activities within an organization. This round of fundraising will help us begin to scale our sales and marketing operations and accelerate our engineering efforts.”

Other details: The startup was founded in 2015 by former risk, compliance and legal technology consultants Matt Kunkel, Jon Siegler, and Dan Campbell. LogicGate was a part of the Techstars Chicago 2016 class.

They plan on using the funding to grow sales and marketing, as well as expand the LogicGate platform. In the future, they hope to create an “intelligent learning engine” that can learn business processes, and take corrective measures without any employee intervention.