Swift Medical secures US $8M new financing

CPE News

Updated on:

CPE News (2.4.2024) – Swift Medical has raised US $8 million in new financing led by BDC Capital and Virgo Investment Group LLC with participation of other existing and new investors.

The financing closed in 2023. Dwayne Sansone and Brian Wade, Managing Directors of Virgo, joined Swift Medical board of directors (former Virgo board representative Pooja Goel was replaced).

“Swift has built a market leading wound care tool that improves outcomes for patients and streamlines the busy workflows for providers. We are delighted to have the support of our existing and new investors. This financing enables us to expand our reach and enhance our technology, further revolutionizing wound care and impacting patient care,” said Brian Litten, CEO of Swift Medical.

Founded by Carlo Perez, Edwin Liang, Dr. Sheila Wang and Justin Allport, and led by CEO Brian Litten, Toronto based Swift Medical is a digital health technology company serving wound care provider. “More than 20 million wound images and 40 million assessments have been captured through the app, which has empowered healthcare providers to deliver standardized, accessible, and equitable wound care for every patient – with advanced, high-precision imaging, compliant documentation, and clinical analytics and remote care.”

In June 2021, Swift Medical closed US $35 million Series B funding round led by Virgo Investment Group LLC with participation of existing investors DCVC, who led Swift Medical’s US $11.6 million in February 2018, and BDC Capital, Claritas Capital, Chrysalis Ventures, Pender Ventures and Export Development Canada.

photo credit: Swift Medical

News Release

Swift Medical Announces New Financing Round to Further Enhance Its AI-Based Wound Care Technology

January 25, 2024 10:10 AM Eastern Standard Time

TORONTO–(BUSINESS WIRE)–Swift Medical, a digital health technology company serving wound care providers, is pleased to announce the successful closing of an $US8M round of financing co-led by current investors BDC Capital’s Women in Technology Venture Fund and funds managed by Virgo Investment Group. Swift utilizes artificial intelligence to improve clinical and economic outcomes in chronic and acute wound care, and this financing accelerates its pace of technology enhancements.

“Swift has built a market leading wound care tool that improves outcomes for patients and streamlines the busy workflows for providers. We are delighted to have the support of our existing and new investors. This financing enables us to expand our reach and enhance our technology, further revolutionizing wound care and impacting patient care,” said Brian Litten, CEO of Swift Medical.

Michelle Scarborough, Managing Partner, Thrive Venture Fund and Women in Technology Venture Fund at BDC Capital stated, “We are extremely proud to be part of Swift Medical’s journey and this new funding round demonstrates our continued confidence in their dedication to improving wound care through technology.”

Swift is excited to deliver significant enhancements to its platform in 2024 including enhanced data security, improved interoperability, and enhanced device capabilities. These initiatives aim to elevate the customer experience and drive excellence in healthcare technology.” Swift Medical is transforming the standard of wound care,” said Dwayne Sansone, Managing Director, Virgo. “We are excited to continue of partnership with Swift to drive positive change in the digital wound care space.”

About Swift Medical

Swift Medical is the global leader in digital wound care. They are headquartered in Toronto, with operations expanding across the U.S. and Canada. Swift’s mission is to make high quality care accessible to those who need it most through the power of AI and technology. They are the trusted wound care technology partner of more than 4,000 healthcare facilities in North America across the continuum of care with over 20,000 clinical users. More than 20 million wound images and 40 million assessments have been captured through the app, which has empowered healthcare providers to deliver standardized, accessible, and equitable wound care for every patient – with advanced, high-precision imaging, compliant documentation, and clinical analytics and remote care. To learn more about Swift Medical, visit www.swiftmedical.com.

About BDC Capital

BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.

About Virgo Investment Group

Founded in 2009, Virgo is a private investment firm based in California that has an established track record of building and transforming businesses. Virgo seeks to identify and grow unique business models into differentiated and profitable industry leading companies. The Firm has raised over $1.9 billion since inception. Visit virgo-llc.com.
Contacts

Swift Medical – Media Contact
Cerys Cook
647-268-7168
cerys.cook@swiftmedical.com