The series B funding will help Casana expedite the Heart Seat's FDA submission, allowing it to reach patients in 2022
FREMONT, CA: “In a world overrun with push notifications, nudges, and reminders, our product needs none of that. The Heart Seat is different from virtually every other vitals monitoring product, in that it takes no time out of your day and works best when you forget it's even there,” states Casana CEO Austin McChord. Casana, a healthcare technology company reimagining in-home health monitoring, has closed $30 million in Series B funding, increasing the company's total funding to $46 million. Morningside led this round of financing, which included Matrix Partners, a significant vertically integrated healthcare provider, and Series A investors General Catalyst and Outsiders Fund.
Casana intends to use the proceeds from its Series B financing to expedite the development and commercialization of the company's initial product, The Heart Seat. Casana is pursuing FDA authorization for The Heart Seat at the moment. The Heart Seats' first commercial offering is scheduled to be a cuffless blood pressure monitor integrated into the toilet seat. The device is intended to aid in-home health management, specifically assisting individuals in managing and controlling excessive blood pressure, often known as hypertension. Casana is also funding various studies to determine The Heart Seat's potential usefulness to health systems and risk-bearing organizations.
“Casana’s Heart Seat has the potential to fundamentally change the way cardiovascular disease is monitored, by changing the venue of care from the clinic to the home and providing insights to the clinician,” states Gerald Chan, Co-founder of Morningside. “We invest in bold ideas backed by solid science, and are proud to partner with Casana in this endeavor.”
In-home health monitoring, also known as remote patient monitoring (RPM), has gained importance in recent years due to the introduction of COVID-19 and the resulting requirement for continuous monitoring solutions outside of the clinical context. The global RPM market grew significantly in value in 2020, hitting $23.2 billion, and is predicted to more than double in size by 2025. According to MarketsandMarkets, the remote patient monitoring market in North America alone is estimated to exceed $72.8 billion by 2025. The primary obstacle for most home health monitoring equipment is low patient compliance. Casana’s Heart Seat promises to alleviate this issue by providing patients with effortless daily monitoring and reporting of several health metrics.
Casana distinguishes itself from other firms attempting to offer RPM solutions by delivering an effortless patient experience and a seamless physician experience. The Heart Seat is intended to enable patients to receive monitoring at home without requiring behavioral changes, "thereby resolving the adherence concerns associated with many other devices" while also providing physicians and other caregivers with reliable and actionable trend data from home.
This series B funding will enable Casana to expedite the Heart Seat's FDA filing to obtain clearance and bring this critical new equipment to patients in 2022.