Blue Spark Technologies Raises $40 Million in Growth Funding Led by Ghost Tree Partners to Advance AI-Based Remote Patient Monitoring

By: Blue Spark Technologies, Inc. via Business Wire

April 18, 2022 at 07:00 AM EDT

Funding will accelerate company’s growth and widespread adoption of continuous wearable remote patient monitoring solutions

Blue Spark Technologies, Inc., a leader in wearable remote patient monitoring solutions, today announced that it has raised a $40 million intellectual property-based debt solution to fund growth led by GT Investment Partners (“Ghost Tree Partners”) with support from Aon plc (NYSE: AON). The funding will go towards scaling the company’s sales and marketing functions and the continued advancement of Blue Spark’s wearable remote patient monitoring solutions.

TempTraq®, Blue Spark Technologies’ patented innovation, is the only continuous, disposable, real-time body temperature monitoring patch that gives healthcare providers a way to monitor patients for fever spikes for up to 72 hours. The comfortable, disposable patch is an FDA Cleared Class II medical device that significantly improves the way temperature is measured in the clinical environment, providing clinicians a quicker, easier, and more effective way to continuously measure temperature in both inpatient and out-patient settings.

“Hospitals are seeking to improve patient care, reduce readmissions, optimize reimbursements and gain competitive advantage. TempTraq has been clinically proven to accurately detect fevers much earlier than the current standard of care,” said John Gannon, President and CEO, Blue Spark Technologies. “Having Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring solutions to the market.”

“Blue Spark has leading-edge technology backed by clinical research and results,” said Mark Fox, Managing Partner, Ghost Tree Partners. “We are excited to support the company’s next phase of growth and accelerate the company’s innovative patient monitoring solutions to healthcare and life-sciences providers worldwide.”

“Innovation is the key to a growth economy,” said Lewis Lee, CEO, IP Solutions at Aon, a global professional services firm that played a key role in the transaction. “We are excited to help IP-rich, technology-driven companies like Blue Spark unlock value so they can further pursue their growth ambitions without diluting their ownership.”

About Blue Spark Technologies, Inc.

Headquartered in Westlake, Ohio, Blue Spark Technologies is a leader in developing thin, flexible, wearable remote patient monitoring solutions. Blue Spark Technologies’ latest innovation, TempTraq®, is the only Bluetooth®, wearable temperature monitor in the form of a soft, comfortable patch that continuously, safely and comfortably, monitors body temperature for up to 72 hours and sends alerts to Apple® or Android™ compatible mobile devices. The company’s TempTraq Connect HIPAA-compliant service supported by Google Healthcare Cloud Platform allows parents and caregivers to monitor body temperature from anywhere. It also allows direct integration with health care provider electronic health records (EHR) systems and central nursing stations, providing a secure method of storing patient health care data.

For more information, visit https://temptraq.healthcare.

About Ghost Tree Partners

Headquartered in Irvine, CA, Ghost Tree Partners is an alternative asset manager focused on providing private credit financing solutions to small and middle-market borrowers in the US and developed Europe and Asia. Founded in 2021, the firm is led by Mark Fox, Scott Warner, Jeff Willardson and David Byrne, who combine for over 85 years of investment experience with Goldman Sachs, Bain Capital Credit, Fidelity and PAAMCO Prisma (KKR affiliate). The team has collaborated to invest billions of dollars on behalf of the world’s most sophisticated investors throughout their careers. At Ghost Tree, their private credit financing solutions include corporate cash flow loans, specialty finance, asset backed lending and real estate bridge loans.

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This communication contains certain statements related to future results, or states Aon's intentions, beliefs and expectations or predictions for the future which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These forward-looking statements include information about possible or assumed future performance and results of Aon's operations. All statements other than statements of historical facts that address activities, events or developments that Aon expects or anticipates may occur in the future, including such things as its outlook, business strategies, competitive strengths, goals, the benefits of new initiatives, growth of its business and operations, plans, references to future successes, are forward-looking statements. Also, when Aon uses the words such as "anticipate", "believe", "estimate", "expect", "intend", "plan", "probably", "potential", "looking forward", or similar expressions, it is making forward-looking statements.

Any or all of Aon's forward-looking statements may turn out to be inaccurate, and there are no guarantees about Aon's performance. Aon and its subsidiaries operate in a dynamic business environment in which new risks may emerge frequently. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the dates on which they are made. In addition, results for the year ended December 31, 2020 and December 31, 2021, are not necessarily indicative of results that may be expected for any future period, particularly in light of the continuing effects of the COVID-19 pandemic. Further information concerning Aon and its businesses, including factors that potentially could materially affect Aon's financial results, is contained in Aon's filings with the Securities and Exchange Commission (the "SEC"). See Aon's Annual Report on Form 10-K for the year ended December 31, 2021 for a further discussion of these and other risks and uncertainties applicable to Aon and its businesses. These factors may be revised or supplemented in subsequent reports filed with the SEC. Aon is not under, and expressly disclaims, any obligation to update or alter any forward-looking statement that it may make from time to time, whether as a result of new information, future events or otherwise. Aon is not responsible for information contained in this communication relating to Blue Spark Technologies, including statements regarding its operations, products or services.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220418005062/en/

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858-354-8850

kschaeffer@cglife.com

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Blue Spark Technologies Raises $40 Million in Growth Funding Led by Ghost Tree Partners to Advance AI-Based Remote Patient Monitoring

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