Smart socks maker Siren raises $11.8 million
Smart socks maker Siren has raised $11.8 million in funding led by Anathem Ventures, with participation from existing investors DCM, Khosla Ventures, 500 Startups, and Peter Thiel’s Founders Fund.
Founded in 2015, Siren developed “proprietary technology” to embed microsensors into fabric, allowing for the mass production of affordable, washable smart textiles. The company’s first commercial product is an FDA-registered temperature monitoring sock for the early detection of inflammation that leads to diabetic foot ulcers. The product continuously monitors the temperature on the bottoms of a user’s feet, transmitting that data to an app that’s available to both the patient and physician.
“COVID-19 has changed healthcare now and forever. Digitization and virtual care is no longer a nice-to-have, it’s a need-to-have. Patients need remote patient monitoring to collect and send crucial health data to their physicians. Clinics, by transitioning some medical staff into virtual monitoring, can stay operational, prevent job loss, and allow patients continued access to care. Additionally, as a medical device company, we have changed the way that we do business – how we make sales, provide customer support, and how our products work. The companies who not only survive, but thrive, are the ones best able to evolve and help their customers adapt to this new world.” – Ran Ma, CEO of Siren.
“Technology, at its best, should deliver higher functionality at a fraction of the cost. In the healthcare space, this means improving patient outcomes while reducing the financial burden to the system. Siren’s breakthrough technology combines all of these important adoption drivers, and I am thrilled to partner with Siren to help further the company’s growth.” – Anathem Ventures Managing Partner Crystal McKellar.
“When we initially invested, what I saw was a resourceful team and a creative and elegant product that would represent an enormous improvement for patient care and cost-effective physician workflows in any environment. The current pandemic has made it clear that remote monitoring solutions will be a critical part of any physician’s practice. I’m excited to work even closer with the team on this next phase of growth.” – DCM Partner Jason Krikorian.
