The maker of a medical-grade monitoring wearable device for the body’s core temperature, Celsium, is raising capital for its expansion through private equity firm Growthdeck.
The wearable is an armpit-mounted temperature sensor, which connects to a smart monitoring platform via Bluetooth, and has been validated by EU and US regulators as a medical device.
“Celsium is raising capital for its expansion through private equity firm Growthdeck.“
Growthdeck outlined that the COVID-19 outbreak has resulted in a significant speedup in demand for Celsium’s medical device, with no opponent near a comparable stage of growth.
The device, which connects to a smartphone app, uses algorithms to give a current reading of the body’s temperature. In a clinical setting, multiple devices can connect simultaneously to a central dashboard, which allows medical staff to observe the temperatures of high numbers of patients. Furthermore, the panel alerts the care team if a patient’s core temperature hits a threshold for fever or rises sharply.
Investment director at Growthdeck, Shaz Hussain, stated: “Celsium is uniquely placed to meet an urgent need for accurate, non-invasive, medical grade temperature monitoring that is suddenly a top priority for both consumers and healthcare organisations. Coronavirus has created disruption across the economy, but disruption means opportunity for businesses with the right product. Celsium is one of those businesses.”
CEO and Founder of Celsium, Andrew Mahoney, stated: “We’re hugely excited to be working with Growthdeck to raise this investment. Celsium has the potential to change the way the world measures temperature and this investment will allow us to scale at pace, unlocking new markets and use case ranging from at home through other areas such as healthcare, research and elite sports.”See all the latest jobs in Medical Devices