Vector, an Oregon (United States) based startup, announced on 26th April 2021 that it has raised US$ 12.5 million in its series A funding round. The round was led by Updata Partner.
Investors: Updata Partners is a Washington, United States, based investment firm founded in 1988 by Barry Goldsmith, Ira Cohen and John Burton. It is an early to late stage investment firm that invests in next-gen technology companies. Led by an experienced team who were themselves former executives and entrepreneurs, it provides expertise and guidance to startups enabling them to perfect their business models.
“The COVID-19 pandemic accelerated the use of digital health technology. While health care providers worked to adapt and create solutions to address the urgent need for remote cardiac monitoring, Vector quickly established itself as a leader in this space with its unique, already proven patient-centred approach to solving this problem”—Jon Seeber, General Partner at Updata Ventures.
Purpose of investment: The funds from the current round would be utilised by Updata Ventures to accelerate its product, engineering and patient engagement and support the growing demand for its service.
About Vector:
Vector was founded in 2017 by Kevin Hoffman. It provides cardiac teams with expert and timely cardiac insights enabling them to deliver the best possible care to cardiac patients.
Kevin Hoffman was only 12 when he witnessed his mother suffer a cardiac arrest while they were on a ski vacation. Luckily his mother survived the event, but the treatment thereafter was disheartening. The implanted defibrillator malfunctioned and caused repeated troubles. The event led Hoffman to pursue his study in heart rhythm management and after qualitative years of experience in the healthcare industry, he decided to come up with Vector to help deliver better care to cardiac patients.
Vector provides cardiac teams with intelligence and data to enable them to stay at the centre of their patient’s care.
What the CEO has to say:
“Everyone who works for Vector, from sales to engineering, shares a patient-first perspective that supports our mission to improve the lives and safety of cardiac patients. We don’t just manage data and devices—we connect with patients. Adding growth funding from an industry visionary like Updata Partners is a huge vote of confidence in our team and technology. We’re on a mission to connect every patient to their doctor through remote monitoring technology to help improve outcomes while driving down the cost of care.”— Kevin Hoffman, founder and CEO of Vector.
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