Los Angeles- and Bengaluru-based Stasis Labs, a cloud-powered health monitoring company, has raised $5 Mn in a Seed financing round led by RTP-HC, the healthcare-focussed investment arm of RTP Ventures. Wonder Ventures, Techstars Ventures, along with a few others also participated in the funding round.
Milena Adamian, MD, who previously founded LSAN & Azimuth Ventures, heads RTP-HC and will be joining the company’s Board of Directors.
“Stasis has great potential, with a clear and distinct value proposition for the world’s biggest healthcare system, the US, and for the fastest growing healthcare economies, such as India and Southeast Asia,” said Adamian, who led the financing.
Stasis Labs was founded in February 2015 by Dinesh Seemakurty and Michael Maylahn. It aims to transform medical hardware into a data-focussed, SaaS product by developing a cloud-connected vitals monitoring platform, that enables access to a fundamental medical tool around the world.
The idea was rooted four years ago when Dinesh was in India with his grandfather admitted to the hospital. His grandfather prematurely passed away when doctors missed a deterioration in his vital signs due to a lack of adequate monitoring. “As a trained EMT, I knew the technology existed, and yet, hospitals weren’t buying it,” said Seemakurty.
Michael, on the other hand, found his inspiration on a three-month medical research trip in rural Costa Rica. Constant reminders of his host family’s poor access to quality healthcare drove his passion for global healthcare innovation.
Seemakurty and Maylahn met at the University of Southern California, where they completed biomedical engineering degrees. They teamed up with top engineers in their graduating class, Clayton Brand and Derek Nielsen, to introduce a new generation of patient monitoring.
In June, Stasis graduated from the Techstars Healthcare Accelerator, in Partnership with Cedars- Sinai. Stasis was recently endorsed by the International Finance Corporation, part of the World Bank Group, to improve and expand the reach of medical technology worldwide.
As per a company statement, most hospital patients around the world are only seen by a nurse once every six hours, without even a vitals monitor to watch over them. This lack of supervision led to around 75% of injuries and deaths in hospitals.
According to Dr. Alben Sigamani, MD, Group Head of Clinical Research for the Narayana Health hospital chain, “Continuous monitoring of vitals is essential for any hospital that strives to improve their clinical outcomes. Stasis Monitors are able to do this without burdening the limited human resources of hospitals and with increased efficiency.”
The Stasis System is currently live in multiple hospitals in Bengaluru, India. The team manufacture 100% of the product within the state of Karnataka with internationally accredited medical device manufacturing processes.
Stasis will be using the funds to continue expanding throughout Indian hospitals and prepare to enter the US and other markets worldwide.
The patient monitoring market is projected to be $26.2 Bn by 2022. Strong growth is predicated on the increasing reliance on multi-parameter patient monitors in every bed of the hospital, in multiple areas of specialised clinics, and in many rehabcentress.