Consumer health tech company CliniCloud has raised $5 million in funding. Tencent and Ping An Ventures led the round.
San Francisco, Wednesday 23 September 2015 – CliniCloud, the consumer health tech company bringing healthcare into the home, announced it has closed a $US5 million funding round led by Tencent and Ping An Ventures ahead of the global launch of its first product, a connected medical kit for the home.
In addition to the funding news, CliniCloud announced Best Buy will carry CliniCloud’s connected medical kit in the United States and Canada, starting from this Holiday Season.
Tencent, a leading provider of internet services in China, led the seed round. Ping An Ventures, the venture arm of insurance and banking conglomerate Ping An, was the other major investor, along with prominent musician and investor, D.A. Wallach, Kosaku Yada (Sonar Group) and other private participants.
The funding will be used to accelerate the production and roll-out of CliniCloud’s first consumer products in the coming months — a world-first connected stethoscope, and non-contact thermometer. The funding will also support development of future products on CliniCloud’s roadmap, expand the team and help enable international expansion.
CliniCloud was founded by physicians Dr. Andrew Lin and Dr. Hon Weng Chong, when they realized today’s patients are starting to play a more active role in their own care. They wanted to equip everyone with the right tools to make better healthcare and diagnostic decisions.
Dr. Andrew Lin, CliniCloud CEO said:
“This funding round is an important boost to help us transform the way we think about healthcare in the home. The retail placement with Best Buy will ensure CliniCloud is accessible to everyone who needs our products, and we are very excited for the roll-out.
“The stethoscope and thermometer are gateways to critical information that helps physicians diagnose illness in patients. By digitising them and connecting them to a powerful apps and network of medical professionals through our partnership with telemedicine partners such as Doctor On Demand, we are empowering every parent and carer to play an active role in healthcare.”
David Wallerstein, Tencent Chief eXploration Officer said:
“The mobile internet is now ushering in a new era for health diagnostics. CliniCloud has taken a core tool for family physicians — the stethoscope — and brought it into the modern era. By allowing health practitioners to remotely listen to an individual’s lungs or heart, issues can be identified, treatments discussed, or concerns put to rest. Diagnoses can occur as frequently as the user desires and with great convenience. CliniCloud’s connected medical kit will empower users and provide them with new health choices and resources.”
Jiang Zhang, Managing Director of Ping An Ventures, said:
“The combination of mobile internet and healthcare will allow many existing medical services to be brought into the home, including common illness prevention, testing, diagnosis and treatment. Meanwhile, the products of CliniCloud are both medical grade quality and convenient to use, with the ability to connect with the cloud and provide follow-up services — a perfect combination for the burgeoning mobile health market.”
Deloitte estimates the mHealth industry to be worth $21 billion by 2018, Goldman Sachs estimates digital health tech could save the US healthcare system $305 billion, and PwC’s Health Research Institute Report 2014 concluded that “Digitally-enabled care is no longer nice-to-have, it’s fundamental for delivering high quality care.”
CliniCloud’s products will be available from Holiday Season 2015.
CliniCloud develops modern home health technology. Its first product is a connected medical kit containing a digital stethoscope, a non-contact thermometer and a mobile app that empowers patients to proactively manage their wellness at home. A comprehensive at-home medical solution for patient-centered healthcare, the kit allows users to record basic vital signs including temperature, heart and lung sounds and then send the readings to their physician of choice or consult a network of on-demand medical professionals.
CliniCloud’s website is www.clinicloud.com. CliniCloud’s app will be available on iOS and Android from October 23.
Who is behind CliniCloud
CliniCloud was founded by physicians Dr. Hon Weng Chong and Dr. Andrew Lin. They swapped the scrubs for software development when they realized that today’s patients are starting to play a more active role in their own care, and wanted to equip everyone with the right tools to make better healthcare and diagnostic decisions.
CliniCloud is backed by Tencent and Ping An Ventures. CliniCloud (as “StethoCloud”) was runner up for Microsoft’s 2012 Global Imagine Cup Grant.
CliniCloud’s first product will initially be available through CliniCloud’s website and Best Buy in North America and offer telemedicine services through Doctor on Demand. CliniCloud also works with a number of global medical institutions on research projects involving its products, including University of California (UCSF) Medical Centre and Melbourne Royal Children’s Hospital.