Funding will accelerate company’s growth and widespread
adoption of continuous wearable remote patient monitoring
solutions
Blue Spark Technologies, Inc., a leader in wearable remote
patient monitoring solutions, today announced that it has raised a
$40 million intellectual property-based debt solution to fund
growth led by GT Investment Partners (“Ghost Tree Partners”) with
support from Aon plc (NYSE: AON). The
funding will go towards scaling the company’s sales and marketing
functions and the continued advancement of Blue Spark’s wearable
remote patient monitoring solutions.
TempTraq®, Blue Spark Technologies’ patented innovation, is the
only continuous, disposable, real-time body temperature monitoring
patch that gives healthcare providers a way to monitor patients for
fever spikes for up to 72 hours. The comfortable, disposable patch
is an FDA Cleared Class II medical device that significantly
improves the way temperature is measured in the clinical
environment, providing clinicians a quicker, easier, and more
effective way to continuously measure temperature in both inpatient
and out-patient settings.
“Hospitals are seeking to improve patient care, reduce
readmissions, optimize reimbursements and gain competitive
advantage. TempTraq has been clinically proven to accurately detect
fevers much earlier than the current standard of care,” said John
Gannon, President and CEO, Blue Spark Technologies. “Having Ghost
Tree’s support and expertise will be invaluable as we continue to
expand our remote patient monitoring solutions to the market.”
“Blue Spark has leading-edge technology backed by clinical
research and results,” said Mark Fox, Managing Partner, Ghost Tree
Partners. “We are excited to support the company’s next phase of
growth and accelerate the company’s innovative patient monitoring
solutions to healthcare and life-sciences providers worldwide.”
“Innovation is the key to a growth economy,” said Lewis Lee,
CEO, IP Solutions at Aon, a global professional services firm that
played a key role in the transaction. “We are excited to help
IP-rich, technology-driven companies like Blue Spark unlock value
so they can further pursue their growth ambitions without diluting
their ownership.”
About Blue Spark Technologies, Inc.
Headquartered in Westlake, Ohio, Blue Spark Technologies is a
leader in developing thin, flexible, wearable remote patient
monitoring solutions. Blue Spark Technologies’ latest innovation,
TempTraq®, is the only Bluetooth®, wearable temperature monitor in
the form of a soft, comfortable patch that continuously, safely and
comfortably, monitors body temperature for up to 72 hours and sends
alerts to Apple® or Android™ compatible mobile devices. The
company’s TempTraq Connect HIPAA-compliant service supported by
Google Healthcare Cloud Platform allows parents and caregivers to
monitor body temperature from anywhere. It also allows direct
integration with health care provider electronic health records
(EHR) systems and central nursing stations, providing a secure
method of storing patient health care data.
For more information, visit https://temptraq.healthcare.
About Ghost Tree Partners
Headquartered in Irvine, CA, Ghost Tree Partners is an
alternative asset manager focused on providing private credit
financing solutions to small and middle-market borrowers in the US
and developed Europe and Asia. Founded in 2021, the firm is led by
Mark Fox, Scott Warner, Jeff Willardson and David Byrne, who
combine for over 85 years of investment experience with Goldman
Sachs, Bain Capital Credit, Fidelity and PAAMCO Prisma (KKR
affiliate). The team has collaborated to invest billions of dollars
on behalf of the world’s most sophisticated investors throughout
their careers. At Ghost Tree, their private credit financing
solutions include corporate cash flow loans, specialty finance,
asset backed lending and real estate bridge loans.
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Kristin Schaeffer CG Life 858-354-8850 kschaeffer@cglife.com
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