Alpharetta health technology startup LifeQ raised a $47 million Series A round to expand the cloud capabilities of its firmware.
LifeQ produces a health operating system that integrates into wearable health monitoring devices, which can give people a range of insights about their personal health.
The startup’s first formal round included investments from firms around the world: Invenfin, 4Di Capital, Allectus, Capital, Mogul Capital, Tenhon Holdings and more. LifeQ also has a presence in South Africa and the Netherlands.
LifeQ CEO Laurence Olivier says the startup’s product provides more accurate health data for a broader population of people than the typical wearable health device, which is geared toward consumers for fitness insights.
“Our core technology is much more about physiology, biology and the application of biometrics as opposed to the consumer electronics companies that create the wearables,” Olivier said.
He likened the LifeQ software to a “health operating system,” meaning that it underlies the functions of all wearable devices with which it integrates. The devices have different sensors, and LifeQ taps into those sensors at the optimal times to monitor specific health functions.
LifeQ has partnered with Samsung, Motorola, Suunto, Montblanc and other device manufacturers. Its first deal was with TomTom in 2015.
The LifeQ system analyzes health data, such as a person’s sleep, and scans for potential health risks based on cross-references to other bodily functions. Those cross-referencing capabilities allow for more accurate information for all people by putting any potential risks in context, Olivier said.
LifeQ is hitting growth mode, Olivier said. The global wearable medical device market size was $16.6 billion in 2020, according to Grand View Research Inc. That market is set to grow as consumers want more control of their own health, especially after the Covid-19 pandemic.
For LifeQ, the next step is creating a cloud network for these LifeQ-enabled wearable devices, which would open a new wave of business. The funding will also go toward continued enhancements of the product.
Olivier said the startup is planning a consumer app, where people can look at their data and input other information to give a fuller picture of their health. LifeQ is also planning a dashboard for physicians to use, which could help with long-term patient care or clinical trials.
Eventually, LifeQ could also help health insurance companies, Olivier said. Similar to safe driver discounts in the auto insurance space, LifeQ monitoring could lower premiums for people.
“Your employer or insurance company can only see what you consent to see,” Olivier said. “We regard your biological information as important as your organs. Your heart is yours. The same goes for any information about your heart.”
Olivier plans to have 100 employees by the end of the year and double that again next year.