Vigor Medical Systems, a Triangle startup developing mobile respiratory health technology, is aiming to raise $500,000. And investors have so far kicked in $80,000.
The funding was disclosed in a securities filing on Thursday.
Vigor raised the money from two investors. It is seeking an additional $420,000, according to the filing as first reported by Chris Roush of North Carolina Business News Wire.
The company said it will use the proceeds for working capital, which may include compensation to executive officers.
Vigor, which was founded in 2015, is a spin out from Duke University. Its device monitors lung function.
The company’s product is a wireless, mobile spirometer that connects to an app allowing improved patient, or patient-to-provider, integrated respiratory care management.
Here’s a Q&A WTW published earlier this year about the company:
- What is the primary pain point you are seeking to address?
Improving outcomes, improved medical plan adherence, overall improved quality of life. Ultimately reducing costs to the healthcare system due to adverse events (e.g., trips to emergency department, outpatient visits, hospitalizations) due to non-adherence to medical plan and meds.
Targeting those people (patients) affected with some sort of chronic respiratory disease or lung impairment. Many have a difficulty staying on track, adhering to their plan and meds as prescribed due to inadequate tools that require too much manipulation, manual record keeping, tracking and monitoring.
- What sets your company apart? What’s the “secret sauce”?
We have developed a integrated mobile health platform for monitoring chronic respiratory conditions. We have developed a wireless spirometer and apps, tailored to both the patient (consumer) or clinical professional (more sophisticated data), which can be synced and shared (to MD or caregiver) via the cloud. We’ve pulled all of today’s management tools together, made it easy and cost effective-care in the palm of your hand!
The professional version is more cost effective, mobile which can increase the access of technology to those who do not have spirometers, as such provide greater access and service to more patients. It’s like the “Fitbit for Asthma” and other chronic respiratory conditions.
- Why should investors be interested in your company? What is the potential market size?
Large underserved patient population and growing (over 450M worldwide with chronic respiratory disease). Asthma is lead candidate of which there are more than 25M in US alone. 50% don’t realize how bad their asthma is and 10% of all are considered severe and require some form of reliable monitoring. The Healthcare provider
Market is underserved and in need of digital or mobile health platforms-very hot market for both providers and consumers. Some analysts put the WW Market at $2 billion.
We suggest that a near term number to be in the $250M to $500M number and our niche within the $150M target range. This is a very high GP margin business.