Revolutionary Wearable Temperature Monitoring Firm Celsium Raises Capital As Covid-19 Drives Sales
by Growthdeck Team
30 September 2020News portfolio
Note: The contents of this article are the author's opinion and have not been approved as a financial promotion.
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Celsium – maker of the world’s first wearable, medical-grade monitoring device for the body’s core temperature – has raised capital for its expansion through our investor network.
Celsium’s revolutionary device is an armpit-mounted temperature sensor, which connects via Bluetooth to a smart monitoring platform.
The technology is the first core temperature-monitoring wearable product to be approved by regulators in the EU and US as a medical device.
The Covid-19 outbreak has led to a major acceleration in demand for Celsium’s products, with no competitor products yet having reached a similar stage of development, particularly for the smart monitoring platform. Monitoring core body temperatures is a much more accurate indicator of health than the traditional spot skin thermometers that are subject to variations that give both false positive and false negative readings.
For consumers, the device connects via Bluetooth to a smartphone app, which uses proprietary algorithms to give an accurate real-time reading of the body’s core temperature. In a clinical setting, such as a hospital or care home, multiple devices can connect at once to a central ‘dashboard’, allowing medical staff to monitor the temperatures of large numbers of patients. This dashboard provides alerts to the care team if a patient’s core temperature rises sharply or hits a threshold for fever.
The consumer healthcare market has now become a significant target for the business, where the business will offer the device for £70, along with a free subscription for the smartphone app or premium features at £1 per month. The product was soft-launched to distributors at the Medica trade show in November 2019, where it generated £400,000 in pre-orders across Europe.
Celsium also benefits from owning a range of intellectual property for its products and is adding to this by exploring further opportunities for global patents. The business is also developing further IP for its products (new and existing) that will be owned by the business.
Celsium’s technology was approved by regulators following a clinical study with Boston Children’s Hospital, Cleveland Clinic and Peking Union Hospital, which proved that the device accurately measures core temperature to within 0.1° Celsius.
Celsium is led by an experienced team with backgrounds in both the medical and technology fields, including:
- Founder and CEO Andy Mahoney, who has experience developing and commercialising medical devices at medtech businesses Arjo and EMIS Health, as well as having held roles in the NHS
- Chief Technology Officer Dr Jim Hammer, a software architect with 20 years of experience at Microsoft and Blinkbox, as well as major medical software provider INPS Vision
- Chief Operating Officer, Grant Oliver, who has over 25 years’ experience in software, management consultancy and professional services companies and working in the NHS for the last four years in a number of roles related to digital apps and process improvement in community trusts, acute hospitals and GP surgeries. He is currently a mentor in the NHS Digital Health London Accelerator.
Shaz Hussain, Investment Director at Growthdeck, says:
“Celsium is uniquely placed to meet an urgent need for accurate, non-invasive, medical-grade temperature monitoring that is suddenly a top priority for both consumers and healthcare organisations.”
“Coronavirus has created disruption across the economy, but disruption means opportunity for businesses with the right product. Celsium is one of those businesses.”
Andrew Mahoney, Founder and CEO of Celsium, says:
“Celsium has the potential to change the way the world measures temperature and this investment will allow us to scale at pace, unlocking new markets and use case ranging from at home through other areas such as healthcare, research and elite sports”
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