RDS, the medical device start-up developing MultiSense, a Remote Patient Monitoring (RPM) solution, has announced that Capital Grand Est has joined its investor pool. This latest backing has helped RDS reach a total amount of €13 million in seed capital.
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The company intends to use these funds to progress toward the next stages in the development of its MultiSense product, including market launch once CE marking is obtained (expected by the end of 2023). RDS is now preparing for a Series A funding round in 2024 to initiate the marketing of MultiSense in Europe, continue the development of its pipeline products and launch new clinical trials. It will also fund registration of the device with the US authorities in anticipation of the product’s launch in the country in 2025.
Elie Lobel, CEO of RDS, said: “We are very glad to welcome Capital Grand Est as an investor and, more broadly, for the support received during this seed stage. This investor backing confirms the appeal of our technology as we prepare for our Series A round. A number of hospitals across Europe have also expressed their support, including in France, Belgium and Germany, a clear demonstration that our MultiSense device meets a real need in transforming patient care.”
Alongside this financial contribution, Jean-François Rax, partner at Capital Grand Est, will sit on RDS’ strategic board.
Rax said: “We are delighted to be supporting RDS on its journey, having followed this project closely for nearly three years. The recent developments, the forthcoming CE marking, and its complementary high-level team will help the company to grow rapidly to address an essential public health need: improving post-operative patient monitoring. I'm pleased to say we have already committed to supporting RDS as part of its Series A funding campaign.”
Since RDS’ inception, the company has received a number of non-dilutive fundings from various organisations, including the French government (through the France2030 program), French public sector investment bank Bpifrance, the Grand-Est regional authority and the European Union.
MultiSense is a class IIa medical device providing healthcare professionals with a comprehensive, high precision, multi-parameter solution for continuous monitoring of patients’ health parameters in hospital or at home. It combines a wearable patch with a cloud-based platform and associated support services. MultiSense delivers continuous measurements of six key parameters, including heart rate, respiratory rate and oxygen saturation. The product is protected by more than 20 patents. Sustainable development has been key in the design of the MultiSense solution: the device can be cleaned, refurbished and reused, to minimise its carbon footprint. MultiSense is intended to facilitate the development of ‘short-term’ hospitalisation protocols: reducing the average length of hospital stays, making hospital discharge safer and improving patients’ quality of life.
The global remote patient monitoring market was valued at around $53.6 billion (€51.1 billion) in 2022, with an average annual growth of 26.7% forecast for the period from 2022 to 2027. RDS is focusing on a very favourable market, driven by the widespread adoption of ‘short-term’ hospitalisation protocols, the gradual increase in eligibility for reimbursement of Remote Patient Monitoring solutions and significant pressure on hospital resources.
