Senscio Systems Raises $2.15 Million for Strategic Hires, New Product
September 9, 2014
FOR IMMEDIATE RELEASE
Senscio Systems, Inc., a healthcare technology startup in Boxborough, has announced two financings: a $1.5 million Series Seed raise, led by members of eCoast Angels and Walnut Venture Associates with participation from members of Golden Seeds and Northeast Angels; and a $650,000 Emerging Technology Fund loan from MassDevelopment, the state’s finance and development authority. Senscio is using the loan from MassDevelopment to make strategic hires and procure hardware for early deployments of IbisCare, the company’s first product.
Senscio Systems’ mission is to turn data into insights. IbisCare integrates Senscio’s unique artificial intelligence platform with remote patient monitoring for people living with multiple chronic conditions. The product increases patient engagement, helps caregivers assist with timely interventions and provides analytical insights for population health management.
According to Senscio’s CEO Piali De, “Through IbisCare, physicians will be able to manage their patients’ health in real time, based on knowledge about how their patients’ self-management is impacting their health.”
Senscio is currently deploying IbisCare to users through its first customer, a midsize Accountable Care Organization in New England. The company will use the $2.15 million in new funding to accelerate the product's deployment to the next 200 users. “The wonderful thing about IbisCare is that it literally pays for itself by identifying problems early, before they require expensive treatment or hospitalization,” says George McQuilken, co-founder of the eCoast Angels. “We are very supportive of this approach.”
“Massachusetts is on the cutting edge of technology and health care, and Senscio has combined both qualities to create a system that will help patients and caregivers treat illnesses such as pneumonia and diabetes,” said MassDevelopment President and CEO Marty Jones. “The Emerging Technology Fund has helped many innovative companies stay and grow in the Commonwealth, and we're pleased Senscio can use these funds to hire highly-skilled workers for its operations.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.