Chinese tech company invests $20 million in HealthWatch
Yiling Pharmaceuticals, a technology company in China, is investing $20 million in HealthWatch, an Israeli company that makes medical-grade smart clothing.
With $15 million of the funding, Yiling will buy a 23 percent share in the company. The other $5 million will be used to pay for Chinese distribution rights as Yiling becomes a local subsidiary that will help oversee product commercialization and introduce it to the Chinese market, according to a statement from HealthWatch.
"We are excited for Yiling to join HealthWatch as both an investor and Chinese strategic partner,” said HealthWatch CEO Guy Neev in a statement. “This significant investment will support our commitment in setting a new standard in homecare remote monitoring, by improving the quality, convenience and digital health capabilities of wearable technology.”
HealthWatch’s products are the only CE- and FDA-approved medical device garments that monitor vital signs. The garments’ 3D textile sensors can read a user’s medical data and then send it to a smartphone and/or remote medical professional. The clothing are designed to help wearers stay healthy while remaining active in their chosen lifestyle.
The company’s most popular product, MasterCaution, is designed for patients with cardiac issues. The garment can identify a major cardiac event, like ischemia and arrhythmias, before they become life-threatening to the user. Additionally, the garment provides data on patient falls, respiratory difficulties, lack of motion and temperature changes.
HealthWatch’s products could help providers reduce hospitalizations, readmissions and their associated costs.
"With a person dying every 10 seconds due to a heart condition in China, there is a huge need for solutions that can discover life-threatening cardiac events earlier,” said Yoram Romem, MD, the founder and chairman of HealthWatch, in a statement.
Senior Writer
As a Senior Writer for TriMed Media Group, Katherine primarily focuses on producing news stories, Q&As and features for Cardiovascular Business. She reports on several facets of the cardiology industry, including emerging technology, new clinical trials and findings, and quality initiatives among providers. She is based out of TriMed's Chicago office and holds a bachelor's degree in journalism from Columbia College Chicago. Her work has appeared in Modern Healthcare, Crain's Chicago Business and The Detroit News. She joined TriMed in 2016.