Blue Spark Technologies Raises $40 Million

Blue Spark Technologies Inc. is $40 million in the black.

The company has raised a $40 million intellectual property-based debt solution to fund growth led by GT Investment Partners (Ghost Tree Partners) with support from Aon plc. The funding will be used to scale Blue Spark’s sales and marketing functions and the advancement of its wearable remote patient monitoring solutions.

“Blue Spark has leading-edge technology backed by clinical research and results,” said Mark Fox, managing partner, Ghost Tree Partners. “We are excited to support the company’s next phase of growth and accelerate the company’s innovative patient monitoring solutions to healthcare and life-sciences providers worldwide.”
 
TempTraq, Blue Spark Technologies’ patented innovation, is the only continuous, disposable, real-time body temperature monitoring patch that gives healthcare providers a way to monitor patients for fever spikes for up to 72 hours. The comfortable, disposable patch is a U.S. Food and Drug Administration-cleared Class II medical device that significantly improves the way temperature is measured in the clinical environment, providing clinicians a quicker, easier, and more effective way to continuously measure temperature in both inpatient and out-patient settings.
 
“Hospitals are seeking to improve patient care, reduce readmissions, optimize reimbursements and gain competitive advantage. TempTraq has been clinically proven to accurately detect fevers much earlier than the current standard of care,” said John Gannon, president and CEO, Blue Spark Technologies. “Having Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring solutions to the market.” 
 
“Innovation is the key to a growth economy,” said Lewis Lee, CEO, IP Solutions at Aon, a global professional services firm that played a key role in the transaction. “We are excited to help IP-rich, technology-driven companies like Blue Spark unlock value so they can further pursue their growth ambitions without diluting their ownership.”
 
Headquartered in Westlake, Ohio, Blue Spark Technologies develops thin, flexible, wearable remote patient monitoring solutions. The company’s TempTraq Connect HIPAA-compliant service supported by Google Healthcare Cloud Platform allows parents and caregivers to monitor body temperature from anywhere. It also allows direct integration with health care provider electronic health records (EHR) systems and central nursing stations, providing a secure method of storing patient healthcare data.