Vector Raises $12.5 Million in Series A Funding to Accelerate the Adoption of Digital Health and Remote Care in Cardiology
Aging Baby Boomer Population and Urgent Need During Pandemic Fuels Rapid Growth for Remote Cardiac Monitoring
BEND, Ore., April 26, 2021-- Vector Remote Care, a pioneering cardiac digital health provider, today announced it has closed a $12.5 million Series A investment led by Updata Partners. The funding will be used to accelerate product, engineering, and patient engagement to support the rapidly growing demand for the company’s remote cardiac monitoring solutions.
More than 10 million people have implanted cardiac devices today. At the height of the COVID-19 pandemic, when healthcare organizations were shut down, remote cardiac monitoring technology quickly became an essential tool for keeping cardiac patients safe. Vector’s cardiac digital health solution makes it simple for care teams to accurately capture, manage, analyze and act on the growing volume of remote data generated from cardiac devices. The company combines patient-centered intelligent technology with expert human insight to improve cardiac patient outcomes, reduce cost and improve clinic efficiency.
“The COVID-19 pandemic accelerated the use of digital health technology. While health care providers worked to adapt and create solutions to address the urgent need for remote cardiac monitoring, Vector quickly established itself as a leader in this space with its unique, already proven patient centered approach to solving this problem,” said Jon Seeber, General Partner at Updata Partners. “We are honored to be part of Vector’s journey at a time when their solutions and support literally have become a lifeline to patients unable or unwilling to visit their doctor in-person.”
Vector helps monitor and manage the entire cardiac remote monitoring lifecycle—from patient set up and connectivity, to data transmission, to analysis and EHR integrations—using purpose built technology designed to automate administrative tasks and drive patient engagement.
Vector is unique as it is more than just a remote data management tool. Vector provides the software to manage device reporting, patient connectivity, and medical billing so cardiac teams can work efficiently without getting overwhelmed by multiple systems, manual processes or being at risk of missing important alerts. The company’s proactive patient outreach software and services actively monitor daily device transmissions and proactively reaches out to patients when transmissions are missed. In doing so, Vector positively influences patient behavior through multi-touch engagement and education designed to keep them connected — the backbone of any successful remote monitoring program. This capability is critical to helping cardiology practices realize the full value of cardiac digital health.
“Everyone who works for Vector, from sales to engineering, shares a patient-first perspective that supports our mission to improve the lives and safety of cardiac patients. We don’t just manage data and devices—we connect with patients,” says Kevin Hoffman, Vector founder and CEO. “Adding growth funding from an industry visionary like Updata Partners is a huge vote of confidence in our team and technology. We’re on a mission to connect every patient to their doctor through remote monitoring technology to help improve outcomes while driving down the cost of care.”
The investment comes on the heels of strong growth for Vector, which saw ARR increase 250 percent over the past two years, with Vector’s software monitoring more than 910 billion heartbeats in 2020.
Supporting the company’s rapid growth, Vector aims to use this funding to double its headcount with strategic focus on engineering and product development building on current momentum. Recent executive-level hires include Tony Titus, SVP of Revenue, Ryan Michel, Vice President of Product, Sarah Fink, Vice President of Marketing, Mike Fitzpatrick, Vice President of Business Operations and Kristin Stitt, Chief Clinical Officer.
Want to learn more about Vector? Visit https://vectorremote.com
About Updata Partners
Updata Partners is a leading technology growth equity firm based in Washington, DC. Led by an investment team averaging more than 25 years of technology experience, Updata invests in high-growth software and software-driven businesses where the combination of its capital and operating experience will help accelerate success. To learn more, visit updata.com.
About Vector Remote Care
Founded in 2017, Vector is a complete cardiac digital health solution that makes it simple for care teams to accurately capture, manage, analyze, and act on remote cardiac data. We help monitor and manage the entire cardiac remote monitoring lifecycle – from patient set up to data transmission to analysis – so teams stay focused on what matters most: delivering the best care.
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