Blue Spark Technologies Raises $40M in Growth Funding Led by Ghost Tree Partners to Advance AI-Based Remote Patient Monitoring
CLEVELAND–(BUSINESS WIRE)– 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 the support of Aon plc (NYSE: AON). The funding will be used to scale the company’s sales and marketing functions and advance Blue Spark’s wearable remote patient monitoring solutions.
TempTraq®, the patented innovation of Blue Spark Technologies, is the only continuous, disposable, real-time body temperature monitoring patch that allows healthcare providers to monitor patients’ peak fevers for up to 72 hours. The comfortable, disposable patch is an FDA-cleared Class II medical device that dramatically improves the way temperature is measured in the clinical environment, providing clinicians with a faster, easier, and more efficient way to continuously measure temperature. temperature in hospital and outpatient settings.
“Hospitals are looking to improve patient care, reduce readmissions, optimize reimbursements and gain a 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 of Blue Spark Technologies. “Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring solutions to market.”
“Blue Spark has cutting-edge technology backed by research and clinical evidence,” 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 for healthcare and life science 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’re excited to help IP-rich, technology-focused companies like Blue Spark unlock value so they can pursue their growth ambitions without diluting their ownership.”
About Blue Spark Technologies, Inc.
Based in Westlake, Ohio, Blue Spark Technologies is a leader in the development of thin, flexible and portable remote patient monitoring solutions. Blue Spark Technologies’ latest innovation, TempTraq®, is the only portable Bluetooth® 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 enables parents and caregivers to monitor body temperature from anywhere. It also enables direct integration with healthcare provider electronic health record (EHR) systems and central nursing stations, providing a secure method of storing patient healthcare data.
For more information, visit https://temptraq.healthcare.
About Ghost Tree Partners
Based in Irvine, California, Ghost Tree Partners is an alternative asset manager focused on providing private credit financing solutions to small and medium-sized borrowers in the United States and developed Europe and Asia. Founded in 2021, the company is led by Mark Fox, Scott Warner, Jeff Willardson and David Byrne, who have over 85 years of investment experience with Goldman Sachs, Bain Capital Credit, Fidelity and PAAMCO Prisma (subsidiary of KKR). 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 lending, specialty financing, asset-backed lending, and real estate bridging lending.
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