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Venture Capital News: Scanadu Grabs $35M in Series B

MOUNTAIN VIEW, CA, Silicon Valley based medtech company that is building a family of mobile medical products for consumers, today announced that it has received $35M.
Scanadu Inc., the Silicon Valley based medtech company that is building a family of mobile medical products for consumers, today announced that it has received $35 million in Series B funding to help further its vision to put the diagnostic power of a hospital in our smartphones. The funding round was led by Fosun International and Tencent Holdings Limited, with participation from China Broadband Capital and Iglobe Partners of Singapore, as well as A-round investors Relay Ventures, Redmile Group, Ame Cloud Ventures and Three Leaf Ventures, an affiliate of The Broe Group. With this round, Scanadu has raised $49.7 million in total funding to date.

'Scanadu's mission has always been to give eight billion people access to quality healthcare via their smartphones.'

'We continue to build out our family of products and move down the path to regulatory clearance in the U.S. and China,' said Scanadu founder and CEO Walter De Brouwer. 'Scanadu's mission has always been to give eight billion people access to quality healthcare via their smartphones.'

This month Scanadu will complete shipment of their first set of investigational Scanadu Scout™ devices to their more than 8,000 Indiegogo supporters. The device measures for heart rate, core body temperature, blood oxygenation, and cuffless and calibration-free systolic and diastolic blood pressure in one scan in seconds, and shares those results to an app on Android and iOS smartphones. Scanadu is currently working toward FDA submission and approval for that device, as well as Scanadu Urine (formerly known as ScanaFlo), an at-home urine test that similarly shares important health data to your smartphone.

'Fosun built Fosun Shanghai pharmaceutical's business from the ground up, and we have long been committed to innovations in healthcare,' said Guao Guanchang, chairman of Fosun International. 'When we looked at Scanadu, we saw a company solving a problem that affects virtually everyone. Our investment in Scanadu aligns with our deep interest in leveraging the magic of the mobile Internet to improve ties across the hospital, pharmaceutical and health insurance industries.'

'Advances in health technology are bringing powerful capabilities to understand our bodies via our smart phones. These trends will revolutionize health care over the long-term,' said David Wallerstein, chief eXploration officer and senior executive vice president of Tencent Holdings Limited. 'Scanadu is leading this trend with innovative and consumer-friendly diagnostic products that deeply leverage the power of smart phone and cloud technologies. We're excited to join the Scanadu team on this journey.'

New investors include:

Fosun International, often called the Berkshire Hathaway of China, is the largest privately-owned conglomerate in Mainland China (US$88 billion). Fosun has concentrated assets in hospitals, pharma companies and health insurance companies in China and is expanding its investment business globally.
Tencent Holdings Limited is a leading provider of Internet services in China. Tencent's diversified services include QQ, Weixin/WeChat for communications; Qzone for social networking; QQ Game Platform for online games; and Tencent News app for information and Tencent Video app for video content.
China Broadband Capital (CBC) is a China-based venture capital fund focused on TMT (telecommunication, media and technology) innovations both in China and globally. Besides its active investments in China, CBC's cross-border investment initiative brought Evernote and LinkedIn to China. CBC manages three US dollar funds and a Renminbi fund with total AUM of over $1 billion.
iGlobe Partners is a leading Asia Pacific Venture Capital firm headquartered in Singapore, with presence in Silicon Valley and Shanghai. With decades of technology investment experience and deep cross-border expertise, iGlobe is in a unique position to organize international investment syndicates, having guided portfolio companies over multiple business cycles, to scale their business globally to successful exits.
Scanadu also recently expanded its Board of Directors. New appointees include:

Dr. Robert Harrington, MD - Arthur L. Bloomfield Professor of Medicine and Chair of the Department of Medicine at Stanford University, Dr. Harrington is board certified in internal medicine and cardiovascular disease and a member of the board of directors of the American Heart Association.
Ezra Kucharz - President of Local Digital Media at CBS Corporation, Mr. Kucharz began his career with NASA and has since founded, built and scaled a number of digital media businesses.
About Scanadu

Based at NASA-Ames Research Center, Scanadu is using mobile and sensor technology to develop a portfolio of FDA approved, consumer friendly products that put the experience of an emergency room in the palm of your hand. Unveiled in November 2012, the company is working to ensure this is the last generation to know so little about our health. The product portfolio includes the Scanadu Scout vital sign monitor and Scanadu Urine, a urine analysis test. In July 2013, Scanadu became the most funded campaign on Indiegogo, enlisting supporters to be a part of the first usability study, followed by clinical studies for the company's road to FDA approval. Scanadu was founded by Walter de Brouwer in 2011 and is a finalist in the Qualcomm Tricorder XPRIZE. For more information visit
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