iBeat, a wearable health tech company empowering people to live longer, has announced funding for its new product called Heart Watch, a wearable continuous monitor. SCOR Life & Health Ventures and Transamerica Ventures invested in the project which also includes strategic partnerships that will bring the Heart Watch to each insurer’s agents and policy holders.
The San Francisco-based company did not reveal the total funding amount in their announcement, but said the investments totaled “upward of seven figures.” A Forbes report values the investment at $3 million while Vator.tv places it at $2.5 million.
“It’s invigorating to see life insurers recognize the value in investing in technology that advocates for longevity,” Ryan Howard, founder and CEO of iBeat, said in a statement. “The Heart Watch is the first of its kind to offer continuous heart monitoring and life-saving aid in the most critical moments.”
It was announced last month that iBeat has raised a total of $10 million in seed funding from Kairos, 8VC, City Light Capital, Plug and Play Ventures, and ChinaRock Capital Management, as well as angel investors including Tony Robbins, Josh Kazam, Shlomo Ben-Haim, Dr. Fred St. Goar, and Dr. Uma Valeti.
iBeat’s wearables provide continuous monitoring of heart rate, oxygen levels, and blood flow, and alert the user or emergency services if an abnormality is detected. iBeat says the device is ideal for aging populations interested in remaining active during their final days.
“iBeat recognizes these demands, as do life insurers and reinsurers like SCOR and Transamerica,” Howard said. “We can and will be the technology arm that enables insurers to take action toward having a measurable impact on longevity. Together, we will provide users with unparalleled safety. We will give them confidence to continue pursuing all the activities they love in their later years, and we will save lives.”
The company said it plans to use these funds to promote product marketing and expansion for Heart Watch. iBeat has so far received more than 11,000 pre-orders for the watch, and plans to start shipping those orders out this summer, the company said.
SCOR’s head of client solutions Brona Magee said in a statement:
“This partnership reflects SCOR Global Life’s active role in the life (re)insurance industry to work with our life insurance clients in offering policyholder benefits that promote healthy lifestyle choices and help manage medical conditions.
As a reinsurer, we are continually looking for ways to measure and improve mortality experience.”