Temperature wearable maker to raise capital for expansion
Celsium – maker of a wearable, medical-grade monitoring device for the body’s core temperature – is raising capital for its expansion through private equity firm Growthdeck.
The device is an armpit-mounted temperature sensor, which connects via Bluetooth to a smart monitoring platform, and has been approved by regulators in the EU and US as a medical device.
Growthdeck says the COVID-19 outbreak has led to a major acceleration in demand for Celsium’s products, with no competitor products yet having reached a similar stage of development, particularly for the smart monitoring platform.
Monitoring core body temperatures is a more accurate indicator of health than the traditional spot skin thermometers that are subject to variations.
For consumers, the device connects via Bluetooth to a smartphone app, which uses algorithms to give a real-time reading of the body’s core temperature. In a clinical setting, such as a hospital or care home, multiple devices can connect at once to a central ‘dashboard’, allowing medical staff to monitor the temperatures of large numbers of patients. This dashboard provides alerts to the care team if a patient’s core temperature rises sharply or hits a threshold for fever.
Celsium’s technology was approved by regulators following a clinical study with Boston Children’s Hospital, Cleveland Clinic and Peking Union Hospital which proved the device to accurately measure core temperature to within 0.1° Celsius. There are a further 17 studies scheduled for the next 12 months, including several in the NHS.
Shaz Hussain, investment director at Growthdeck, said: “Celsium is uniquely placed to meet an urgent need for accurate, non-invasive, medical-grade temperature monitoring that is suddenly a top priority for both consumers and healthcare organisations.
“Coronavirus has created disruption across the economy, but disruption means opportunity for businesses with the right product. Celsium is one of those businesses.”
Andrew Mahoney, founder and CEO of Celsium, added: “We’re hugely excited to be working with Growthdeck to raise this investment. Celsium has the potential to change the way the world measures temperature and this investment will allow us to scale at pace, unlocking new markets and use case ranging from at home through other areas such as healthcare, research and elite sports.”