Athelas Inc., a remote patient monitoring technology company, has raised $132 million in new funding, bringing its total valuation to $1.5 billion.
Athelas, which was founded in 2016, saw rapid growth last year, fueled in part by a shift to remote care during the Covid-19 pandemic. Tanay Tandon, co-founder and CEO of Athelas, said the company now has 20,000 patients, which is ten times the number it had at the start of 2021.
“The pandemic really showed folks that health care in the home has to be a thing and in a lot of ways is better than the traditional care model,” Tandon said.
The Athelas One, an internet-connected device that uses a finger prick to return blood diagnostics and shares that information with healthcare providers, is the company’s main product. The product, which has been approved by the FDA, is designed for patients who are immunocompromised or who have chronic conditions that require close monitoring. Remote monitoring, according to Tandon, allows doctors to address health issues sooner, potentially avoiding the higher costs of more intensive treatment or hospitalisation in the future.
“We’re spending so much money down the funnel,” Tandon said of the cost of long-term and late-stage care. “If we spend a little bit more upfront using tools like Athelas and using remote patient monitoring and chronic care management programs, I think we can drastically cut down hospitalization rates.”
In addition to Athelas One, the Mountain View, California-based company has a suite of products that track metrics like blood pressure, weight and glucose levels. One of the newest products, PillTrack, allows doctors to monitor when patients are taking their medications. Tandon said that while Athelas could someday sell its products directly to consumers, the company is focusing on working with healthcare professionals and systems for now.
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