PhysIQ Corp Receives in $5 Million from Venture Capital
In a recent article by Crain’s Chicago Business, a spinout company from the Argonne National Laboratory will receive $5 million in venture capital funds. People have been predicting that software that was originally developed to monitor equipment in nuclear plants will someday be used to assist doctors and patients in maintaining the human body. PhysIQ Corp. is the spin out from Argonne that recently received a grant of $4.6 million in funding led by LionBird Ltd. LionBird is a venture capital firm that is headquartered in Evanston run by executive Ed Michael.
Doctors are able to use the software, called chest strap, that is able to communicate with the PhysIQ database. From their the patients vital signs such as blood pressure and heart rate are recorded and monitored. The algorithms from the PhysIQ program is able to assist doctors and nurses in determining whether the changes in the data should result in some kind of treatment or a return visit to the doctor. The market has seen an increase of these new medical technologies such as wearable technology like the fitbit- measuring steps in a day and sleep cycles. In addition, the market is entering into a new phase where doctors are going to be able to technically monitor what is going on with their patients. However, people become easily overwhelmed with the data and it ends up becoming useless for people. This is where the “promise” of PhysIQ comes in. The team of PhysIQ will be able to tell clinicians sooner than they would know when a patients health is at risk. This could ultimately improve results and save money is in the long run. However, moving forward, the company still needs FDA approval for their device. The system is still in the testing phase and the company will require more money in about a year to conduct more clinical trials. It will be interesting to see how the company will progress with the money and if the device will be approved by the FDA.