ANN ARBOR – Fifth Eye Inc., a digital health predictive analytics company, has received a $2.36 million investment from Invest Michigan, Biosciences Research and Commercialization Center, and 33 private angel investors.
Fifth Eye develops real-time predictive analytic patient data software to give doctors and nurses a heads up hours in advance about impending trouble ranging from internal bleeding to respiratory issues to sepsis for in-hospital patients.
“The mission of Invest Michigan is to invest in the commercialization efforts of high-tech companies and talented entrepreneurs with innovative technologies aimed at bringing their products to market,” said Charlie Moret, Invest Michigan president and CEO. “Partnering with the BRCC and angel investors to support the launch of Fifth Eye and bringing its life-saving software solution one step closer to being in the hands of doctors, nurses and all medical professionals is a great example of a successful collaboration between Michigan resources, talent and technology.”
Invest Michigan and the BRCC provided $250,000 of the seed investment as a catalyst for attracting 33 private angel investors, which helped raise a total of $2.36 million to close a seed-funding round. In doing so, Invest Michigan partnered with Fifth Eye CEO, Jen Baird, to establish a data room to share due diligence with interested angel investors and streamline the fundraising process.
Baird was the co-founder, president and CEO of Accuri Cytometers. In 2011, Accuri Cytometers was sold to BD Biosciences for 10 times revenue with investors receiving 5-6 times cash-on-cash returns.
Fifth Eye’s software technology serves as an early warning system based on only a single ECG lead input that alerts medical professionals to impending blood pressure instability—enabling proactive actions to be taken to improve outcomes, avoid adverse events, shorten hospital stay terms and reduce treatment costs.
The idea for the Fifth Eye technology was formed five years ago at the University of Michigan’s Integrative Research in Critical Care group which received support from university tech transfer programs such as the Michigan Translational Research and Commercialization program—in partnership with the MEDC’s Entrepreneur and Innovation initiative—to advance commercialization development. The newly launched five-person Fifth Eye team includes three researchers who left the university.