Given that being re-acquired from Nokia in 2018 by a group including its original founders and a few of its original investors, health tech business Withings has actually been concentrated on progressing their offering of consumer health hardware to offer medical-grade information that can be shown, and leveraged by healthcare experts to deliver much better, more personalized care. The company has now raised another $60 million to continue pursuing that objective, a Series B financing round co-led by Glide Healthcare, along with existing Withings financiers IDinvest Partners, Bpfrance and BNP Paribas Développement, ODDO BHF and Adelle Capital.
Withings will utilize the funds to increase its MED PRO department, a part of the business formed last year that concentrates on the business’s B2B efforts, positioning its medical-grade customer health gadgets in deployments and programs handled by physician, health institutions, insurance coverage payers, researchers and more.
In an interview, Withings CEO Mathieu Letombe explained that following the re-acquisition of the business, the group set out to “pivot slightly” in regards: First, the business would only concentrate on medical grade products and services from here on out, something that Letombe said was done at least in part because of how crowded the general ‘health’ tech category has become, and in part because players like Apple had truly, in their view, maximized that category with their Apple Watch and
other health functions. The second was to shift on their organisation side to much better address the B2B market– primarily due to inbound demands to do so.
“We were getting a lot of requests from the healthcare industry,” Letombe informed me. “And by the health care industry I suggest major healthcare programs, like the diabetes prevention program, the high blood pressure program. Health centers, insurance companies and Pharma, so we chose to dig into it and we saw the there was a substantial need for medical linked gadgets from this world.”
According to Letombe, Withings was well-positioned to resolve this requirement, and had a benefit over other standard medical gadget providers for enterprise and market. The business’s DNA remained in building precise, user-friendly devices to help them keep an eye on their health and wellbeing in your home, and so they put their focus on developing those products so that the results they provide pass the requirements of governing medical device regulative bodies around the globe.
Withings’ special benefit in this pursuit was that it understood very well how to construct products that clients want to use, and have actually chosen to pay out of pocket for in the past. The majority of medical equipment for at-home tracking that comes from a health care or a payer institution hasn’t had to face the challenges and focusing rigor of the customer technology market, and it’s foisted upon users, not chosen by them from a field of options. Letombe states that this consumer edge is what has assisted Withings with its B2B service, and keeps in mind that both sides of the market will continue to be of equal significance to the business going forward.
The company had actually been turning its attention to building out a suite of products, from smart blood pressure monitors, to scales that determine body fat percentage, to contactless thermometers and much more, long prior to there was any tip of the existing COVID-19 pandemic, certainly. But that need from the health care market has actually stepped up significantly in the wake of the coronavirus, which has sped up strategies from insurance providers, care service providers and healthcare pros to develop and deploy remote care capabilities and services.
“We also got a ton of demands from a company that wanted to produce back-to-work packages, existed was a scale or a thermometer or high blood pressure monitor for them to assist the employee understand if they are at danger for COVID,” Letombe said, noting that the B2B chances the company has actually seen extend beyond the healthcare market itself.