Sway Medical Closes Series A Financing Round
Original Press Release
TULSA, OKLA. (PRWEB) SEPTEMBER 23, 2020
Sway Medical, a mobile neurological assessment company, recently closed a $4.2M Series A financing round led by Atento Capital and the Oklahoma Life Science Fund (OLSF). The funding brings Sway Medical back to Tulsa, OK, where it was founded in 2011. Additional participation in the financing round included ADG Venture Group, Cortado Ventures, Progeny Plus Capital Partners, Innovation in Motion (iiM), William S. Smith, and Eric Warren.
Sway Medical has become a leader in mobile balance testing and cognitive assessment with substantial growth over the past two years. CEO and Founder Chase Curtiss returned to the company in 2018 to lead a resurgence of the Sway product platform, adding new novel cognitive tests, cross-platform validation, and substantial growth in utilization. In August, Sway reached a weekly record of nearly 100,000 tests. “Sway’s customer base has grown exponentially in 2020, even with the challenges of COVID-19 for fall sports,” said Curtiss.
According to CB Insights The State of Healthcare Report Q2’20, digital health investment was up 22% to $5.8B, the second best-performing quarter for funding on record. Dr. William Paiva of OLSF acknowledged, “There are tremendous growth opportunities in digital health as medicine moves to more remote patient management. Sway Medical’s novel approach to mobile neurological assessment makes it easy to evaluate patients remotely with the devices they already own.” This growth trend is happening throughout healthcare in companies that remotely connect patients to healthcare professionals. “It’s validating to see the market trend, significant customer growth, and backing from highly successful healthcare investors like Dr. Paiva of OLSF,” Curtiss stated.
The financing will enable the Sway team to expand in Tulsa by adding to a world-class product team and sales organization. "We see Sway as a true Tulsa story of where innovation and scrappiness collide with resilience and Grit. With Chase at the helm, we are excited about Sway's return to Tulsa and expansion into several new lines of business. We believe this next Chapter in Sway's story will be the first of many and are excited to see Sway drive towards its potential in the months and years to come." said Michael Basch, Managing Partner of Atento Capital. CEO and Founder Chase Curtiss added, “The Sway team is excited for the opportunity to bring a high-growth and design-focused company back to Tulsa. We believe the future of medicine is mobile and device agnostic, which is one of the key advantages to the Sway platform. We have proven a high level of accuracy across Apple and Android devices.”
Sway has expanded clinical utilization with investment in research and further validation, including over 60 published research papers driven from strong relationships with academic research institutions. “Research collaborations with Harvard, Wichita State, University of Oklahoma, Duke Medicine, and many others are driving quality research and validation to improve product utility for our clinical customers,” Labiba Russo, Senior Vice President added.
Sway is the most clinically-validated mobile assessment tool for balance and cognitive function with rigorous quality testing. Sway is an MDSAP certified medical device manufacturer with clearance in the United States, Canada, the European Union, and Australia. “Product innovation is a part of our DNA,” Curtiss added, “We are constantly listening to our customers and improving the Sway experience to bring the design-first mentality to medical software.”
Sway addresses a clear need for more objective measures of neurological function. From evaluating fall risk or cognitive decline in seniors to objectivity in evaluating athletes, Sway is pioneering cross-platform mobile assessments.
“Sway is such an easy tool to administer. It allows our users to collect objective data very quickly in the clinic or remotely from the patient’s device,” said Jordan Beacham, VP of Software at Sway. “Our customers love what we are building, and we are excited about the future direction of Sway.”
For more information on Sway Medical, visit https://swaymedical.com
About Sway Medical:
Sway medical provides mobile software for neurological assessment with patented tests that leverage the accuracy of sensors built into any mobile device. Sway's FDA cleared testing platform allows users to test balance and cognitive performance in the clinic or remote on any mobile device. With over 60 research publications and over one million tests, Sway is the leader in mobile neurological assessment.