What Is Vector Remote?
The heart health startup was founded in 2017 by entrepreneur Kevin Hoffman. According to the company website, Hoffman came up with the idea for Vector Remote based on his own experience with his mother’s heart problems. At the age of 12, Hoffman witnessed his mother go into cardiac arrest on a family ski vacation. She survived but was fitted with a defibrillator that “malfunctioned and repeatedly shocked her.”
From there, Hoffman was inspired to pursue a career in the healthcare industry and then founded the heart health startup, Vector Remote, to improve the lives of cardiac patients like his mother. The company has created HIPAA-compliant software that helps medical experts analyze their patients’ hearts remotely and act quickly to prevent or remedy problems. Specifically, the technology created by the business focuses on providing critical, remote intelligence on heart monitors and devices.
“[It] was scary, but insightful because I wanted to figure this out,” Hoffman said in a recent interview about his motivation to start the business. “We found it was a broken wire that caused the implant to think she had a fast heart rate. That is something we monitor for daily and are able to have the patient come in before there is a problem.”
Money and Investors
The heart health business has raised a total of $12.9 million to date, with the money raised in the funding round closed this month making up the majority of that sum. The Series A round was led by technology-focused growth equity firm Updata Partners and delivered a sizable injection to the company
The Future of the Heart Health Company
This funding comes at a time when the startup has already been experiencing massive growth, in part due to the COVID-19 pandemic. The annual recurring revenue of the business has tripled in the last two years, according to the company. Vector Health is projecting the business will continue to grow at this rate.
The startup plans to use this money to build out production, engineering, and patient management. The company hopes to expand its monitoring presence, double the size of its engineering technology team, and invest in sales growth, with an eye on doubling patient management by the end of 2021.
Vector Remote also has the momentum of the industry on its side. Heart health monitoring has seen a massive boost in interest as more people invest in preventative care. The preventative healthcare technologies and services market as a whole is expected to reach $493.1 billion by 2027 after expanding at a compound annual growth rate (CAGR) of 10.5%. This has driven opportunities to other preventative health startup companies like Los Angeles-based Preveta, which recently raised $2 million in a seed round, and Halo Dx, which pulled in $19 million to help with the diagnosis of serious illnesses like cancer and dementia.
About the Author
Jemima is a journalist who enjoys reporting on business, particularly small business and entrepreneurship.