BIRMINGHAM, Ala., Jan. 22, 2020 (GLOBE NEWSWIRE) — Alabama Futures Fund (“AFF”) recently placed an investment in SynsorMed, Inc., (“SynsorMed”). Based in Tampa, FL and relocating to Birmingham, AL, SynsorMed has developed a cloud-based monitoring platform, commonly referred to as Remote Patient Monitoring (“RPM”), for healthcare organizations. The SynsorMed solution lowers the cost of patient care, increases medical practice revenue, reduces hospital re-admissions and empowers patients to take control of their personal health.
The SynsorMed platform is a device agnostic RPM platform. Each paired monitoring device has a Bluetooth sensor that transmits readings directly to the cloud through the SynsorMed app on a patient’s smartphone. SynsorMed is initially deploying its platform for use with devices that monitor patients with chronic pulmonary disease (“COPD”), but the company plans to expand into monitoring for congestive heart failure, diabetes and a range of other chronic conditions. With 44 million Americans on Medicare, a number that is expected to rise to 79 million by 2030, there is a large initial market for SynsorMed’s solution.
SynsorMed enables patients to measure key medical data from the privacy of their home and securely upload that data to their physician through the company’s proprietary, cloud-based app, thereby avoiding the need to schedule appointments for routine check-ups. Physicians using the SynsorMed platform have access to more robust patient data and can review patient records in real-time through an online portal and dashboard, which provides those physicians with additional available appointment time to serve other patients – leading to increased practice revenues.
SynsorMed was co-founded by Theo Harvey (CEO) and Amin Holmes (CTO). Mr. Harvey is an experienced entrepreneur, sales and engineering professional who spent 14-years at Cisco, most recently as a business development professional in Cisco’s healthcare group. Mr. Holmes has spent the last 15 years in the healthcare IT space working with healthcare organizations ranging from small practices to large hospitals.
According to Mr. Harvey, SynsorMed is looking forward to the move to Birmingham and understands the value of relocating to a city with a deep healthcare focus. “SynsorMed is excited about our move to Birmingham. We see tremendous opportunities to grow our business and build great relationships throughout the city and its vast healthcare ecosystem,” stated Mr. Harvey. “Birmingham is positioning itself to be a leader in entrepreneurship and it just makes sense for SynsorMed to be a part of this momentum.”
Mickey Millsap, Partner at Redhawk Advisory, serving as the Investment Manager for AFF said, “We are thrilled to add SynsorMed to the Alabama Futures Fund portfolio. Theo and Amin bring a wealth of experience in the healthcare IT space and both demonstrate the kind of hard work and commitment we look for in great founding teams.”
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Additional information about AFF can be found at www.alabamafuturesfund.com.
About Redhawk Advisory, LLC
Redhawk Advisory, LLC (“Redhawk”) is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkVC.com.
