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.”
