June 26, 2018 | Nuvo Group, a company founded in 2007 that develops wearable, sensor-based technologies for pregnancy health, announced that it raised $30 million in a new financing round. The funding was led by the German investment advisory group Shareholder Value Management AG, and an analyst from the group was named to Nuvo’s board of directors.
In a press statement, Nuvo said it would use the funds “to accelerate development of its innovative platform” in a “breakthrough approach to pregnancy management that will deliver more continuous, consistent, and connected care for expectant parents and healthcare professionals.”
Nuvo Group CEO Oren Oz said that company was “forging a revolutionary approach to maternal-fetal health by creating a new generation of technology enabled solutions that encapsulate Artificial Intelligence, Big Data, and machine learning in wearable devices specifically designed for remote monitoring.”
“Our advanced technologies are creating opportunities to vastly improve a segment of healthcare that has remained largely unchanged for decades. In doing so, Nuvo Group is transforming the experience of pregnancy by connecting mothers and physicians to real-time information to enable physicians to better manage the experience for both mothers and babies while reducing cost to health systems,” he added.
Nuvo Group’s technologies will enable expecting mothers to connect with their doctors throughout their pregnancy and allow the doctors “to observe changes, evaluate trends, and ultimately make more informed decisions about intervention that will impact not just one patient but also have implications for population health.”
Daniel Gilcher, the analyst at Shareholder Value Management who will be joining Nuvo’s board said: “I firmly believe that Nuvo Group is on the verge of a scientific revolution, one not commonly seen outside a university setting, and will undoubtedly help push the science of pregnancy management and raise the standards of maternal-fetal care for many years to come.”
Nuvo Group’s initial product, Preg-Sense, a wearable multi-modal system, is currently undergoing clinical investigation to support FDA clearance, the company said.