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Electronic health technology company BL Healthcare Inc. has landed $3 million of a planned $5 million Series A investment round, through the placement of preferred stock and warrants, according to federal documents.
Foxborough-based BL Healthcare makes a platform technology it calls TVx, which gathers a patient’s health information from various Bluetooth-based wireless devices in the home and displays it on television screens. It also sends the information over the Internet to a secure server, where doctors and nurses can log in to check up on their patients.
The funding will help bring the TVx products to market, said Michael Mathur, CEO of BL Healthcare. “Mostly it is for commercialization of these products. We want to be the volume supplier of these solutions,” he said.
The company had previously taken about $700,000 in angel funding, according to filings with the U.S. Securities and Exchange Commission. Among its backers are Hub Angel Investment Group LLC of Boston. Mathur declined to named the backers in the new funding round.
Founded by Mathur in 2005, BL Healthcare landed approval from the U.S. Food and Drug Administration to market its product in 2006. Among the companies it is competing against are giants such as Intel Corp.; Andover’s Philips Medical Systems, a division of Dutch conglomerate Royal Philips Electronics; and Honeywell HomMed, Mathur said.
“Our whole premise is to provide things that change how medicine is practiced,” Mathur said.
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