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Blue Spark Technologies Raises $40 Million in Growth Funding Led by Ghost Tree Partners to Advance AI-Based Remote Patient Monitoring
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Blue Spark Technologies has secured $40 million through an intellectual property-based debt funding led by Ghost Tree Partners, supported by Aon plc. The funds will enhance the company's sales and marketing efforts and advance its TempTraq wearable monitoring solutions, designed to improve patient care. TempTraq, an FDA-cleared device, enables continuous temperature monitoring for up to 72 hours. This investment positions Blue Spark to grow in the remote patient monitoring sector, addressing the needs of healthcare providers and aiming for international expansion.
Positive
Raised $40 million in funding to enhance sales and marketing.
TempTraq is FDA-cleared and allows continuous temperature monitoring for up to 72 hours.
Investment positions Blue Spark for growth in remote patient monitoring.
Negative
None.
Funding will accelerate company’s growth and widespread adoption of continuous wearable remote patient monitoring solutions
CLEVELAND--(BUSINESS WIRE)--
Blue Spark Technologies, Inc., a leader in wearable remote patient monitoring solutions, today announced that it has raised a $40 million intellectual property-based debt solution to fund growth led by GT Investment Partners (“Ghost Tree Partners”) with support from Aon plc (NYSE: AON). The funding will go towards scaling the company’s sales and marketing functions and the continued advancement of Blue Spark’s wearable remote patient monitoring solutions.
TempTraq®, Blue Spark Technologies’ patented innovation, is the only continuous, disposable, real-time body temperature monitoring patch that gives healthcare providers a way to monitor patients for fever spikes for up to 72 hours. The comfortable, disposable patch is an FDA Cleared Class II medical device that significantly improves the way temperature is measured in the clinical environment, providing clinicians a quicker, easier, and more effective way to continuously measure temperature in both inpatient and out-patient settings.
“Hospitals are seeking to improve patient care, reduce readmissions, optimize reimbursements and gain competitive advantage. TempTraq has been clinically proven to accurately detect fevers much earlier than the current standard of care,” said John Gannon, President and CEO, Blue Spark Technologies. “Having Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring solutions to the market.”
“Blue Spark has leading-edge technology backed by clinical research and results,” said Mark Fox, Managing Partner, Ghost Tree Partners. “We are excited to support the company’s next phase of growth and accelerate the company’s innovative patient monitoring solutions to healthcare and life-sciences providers worldwide.”
“Innovation is the key to a growth economy,” said Lewis Lee, CEO, IP Solutions at Aon, a global professional services firm that played a key role in the transaction. “We are excited to help IP-rich, technology-driven companies like Blue Spark unlock value so they can further pursue their growth ambitions without diluting their ownership.”
About Blue Spark Technologies, Inc.
Headquartered in Westlake, Ohio, Blue Spark Technologies is a leader in developing thin, flexible, wearable remote patient monitoring solutions. Blue Spark Technologies’ latest innovation, TempTraq®, is the only Bluetooth®, wearable temperature monitor in the form of a soft, comfortable patch that continuously, safely and comfortably, monitors body temperature for up to 72 hours and sends alerts to Apple® or Android™ compatible mobile devices. The company’s TempTraq Connect HIPAA-compliant service supported by Google Healthcare Cloud Platform allows parents and caregivers to monitor body temperature from anywhere. It also allows direct integration with health care provider electronic health records (EHR) systems and central nursing stations, providing a secure method of storing patient health care data.
Headquartered in Irvine, CA, Ghost Tree Partners is an alternative asset manager focused on providing private credit financing solutions to small and middle-market borrowers in the US and developed Europe and Asia. Founded in 2021, the firm is led by Mark Fox, Scott Warner, Jeff Willardson and David Byrne, who combine for over 85 years of investment experience with Goldman Sachs, Bain Capital Credit, Fidelity and PAAMCO Prisma (KKR affiliate). The team has collaborated to invest billions of dollars on behalf of the world’s most sophisticated investors throughout their careers. At Ghost Tree, their private credit financing solutions include corporate cash flow loans, specialty finance, asset backed lending and real estate bridge loans.
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