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Allied Minds portfolio company raises $2.5m

26 July 2017 09:36

Allied Minds portfolio company Signature Medical has completed a $2.5 million series A preferred financing round, including participation by Riot Ventures, an early stage investment fund focused on emerging technology, and Bose Corporation, a global leader in audio innovation.

Signature Medical is developing wearable devices using acoustic signature analysis and artificial intelligence allied to cloud-based technology to evaluate and monitor patients remotely and on a real time basis.

Its lead AcoustiCare device is designed for patients with heart failure and other indications.

Proceeds from the financing will be used to fund product development.

Allied Minds president and chief executive Jill Smith said: "We are pleased to have secured participation by Riot and Bose in the funding for this high potential company, consistent with our desire to attract investment and validation from strategic and financial partners earlier in the investment life cycle where we see benefits from doing so, as we have done recently with our HawkEye 360 and BridgeSat series A rounds."

At 9:36am: (LON:ALM) Allied Minds PLC share price was -5.12p at 160.13p

Story provided by StockMarketWire.com

Related Company: ALM

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