Toronto-based Swift Medical, a digital wound care management platform, has raised $35 million in a Series B financing. Virgo Investment Group led the round, with participation from DCVC and BDC Capital’s Women in Technology Venture Fund, as well as Chrysalis Ventures, Claritas Capital, Export Development Canada and Pender Ventures.
TORONTO–(BUSINESS WIRE)–Swift Medical, the global leader in digital wound care, announced today a Series B funding round of $35 million USD. The investment was led by Virgo Investment Group LLC (“Virgo”), through one of its managed-investment funds, followed by existing investors DCVC, who led their Series A, and BDC Capital, through their Women in Technology Venture Fund. Other participating investors include leading health technology firms Claritas Capital, Chrysalis Ventures, Pender Ventures and Export Development Canada.
This latest round of funding will help Swift Medical expand their leading market position and scale their digital wound management platform across the care continuum in North America.
Wounds are often considered the silent epidemic in healthcare – as patients with wounds frequently suffer from other, more eminent, conditions such as diabetes or hypertension, which obscure the severe impact of wounds. In the US, over 30% of healthcare beds are occupied by patients with wounds, costing Medicare alone nearly $100 billion annually. Patients with wounds often experience chronic pain, loss of mobility, social isolation, depression, hospitalization, amputation and even death.
“Wound care is a space that has been void of innovation for so long,” said Pooja Goel, Managing Director at Virgo. “A comprehensive approach to identification and treatment is needed to combat this silent epidemic. We are very excited and confident that Swift Medical’s wound engagement tool is going to transform the way patients heal across any care continuum; whether that be a hospital, skilled nursing facility or at home.”
Swift Medical provides an AI-powered, digital wound care platform that allows any patient or clinician to easily capture a high precision image of their wound with their mobile phone, autonomously determines wound dimensions and clinical characteristics, enables virtual wound care consultations and provides real-time, predictive insights to drive enhanced preventive and personalized care.
“Wound care is a massive clinical and financial challenge at every bedside, which has been largely ignored by the technology industry,” said Carlo Perez, Co-Founder and CEO at Swift Medical. “Through COVID-19, health systems have been waking up to the need to equip their clinicians with empathic technology that gives them the knowledge and confidence to provide world-class wound care for even their most complex, bedridden patients.”
The technology has been adopted by over 4,000 healthcare organizations across all 50 states, spanning the entire continuum of care, and is helping organizations realize profound clinical and economic outcomes. Swift Medical has rapidly become the dominant market player in digital wound care management, growing 300% year-over-year in every new market it has entered over the past three years.
With this investment, Swift Medical will be able to advance and accelerate its mission to transform the future of wound care: to prevent wounds before they even happen and improve quality of care for every patient with a wound.
About Swift Medical
Swift Medical is the world leader in digital wound care. Their technology is used by over 4,000 healthcare organizations across the continuum of care to improve the prevention, treatment and management of wounds. To learn more about Swift Medical, visit them at: swiftmedical.com.