Innovative medtech company Oracle Health has raised over $2.7 Million from investors through the Republic platform. The company also recently turned down a Y Combinator investment which has left many of the smaller investors who followed the flow worried about the future of the company before the Republic round has even closed.
Oracle Health is set to close their funding round on August 29th, 2021. The deal has generated significant interest with over 3,175+ investors at the time of publication. Deal terms include a minimum investment of $250.00 and maximum of $100,000 that the company listed they would accept. The goal total was a raise of $8M to go towards developing a commercially competitive device within 2 years attacking the $5.3B market.
Oracle Health currently has a $20M valuation ahead of the raise closing. Current price of each security is $2.00. The company’s primary focus is on an innovative medtech solution that combats heart failure. Oracle Health has created an AI-powered monitor to measures heart indications with the goal of detecting and preventing heart failure. The company’s monitor is currently undergoing pre-clinical testing with 25 heart failure patients at world-renowned Maastricht University.
Cardiologists today lack good options for monitoring their heart failure patients at home. Oracle Healthcare is developing an implanted remote cardiac monitor to address this problem. Designed to provide comprehensive data and analysis to doctors, Oracle Health also aims to build the largest collection of long-term cardiac data to improve the lives of patients.
The device is designed to detect the early signs of cardiac problems before even symptoms arise. After the pre-clinical trial plans include animal and further human trials supported by the company’s world-renowned team of cardiologists, engineers and scientists. The leadership team has over 180 years of combined expertise in the field of Heart Failure and implantable medical devices.
Oracle Health is part of a group of exclusive medical technology startup companies that were selected by Johnson & Johnson Innovation to join their global network of med tech ecosystem. Companies in this program create life-saving, life-enhancing health and wellness solutions to patients around the world.
Oracle Health Declines Y Combinator Investment
As are the terms of many investments, Y Combinator’s terms are available for review by any interested parties.
Oracle Health Investor Layton Goodspeed pointed out these details, “If I could remove my investment I would. The offer from y combinator generated hundreds of thousands of investment and then you decline it. Y Combinators terms are available for everyone to see so you should have know it was very dilutive. Then the questions about if you actually were invited. Feels like it was all a marketing push. I am investor from the MicroVentures raise and was super supportive of the company. Now I feel like I was duped. I consider this investment to be lost money.”
Goodspeed was not alone in his sentiment as others also shared frustration with Oracle Health. George Stoic, another investor said “Honestly I feel the same. I don’t know if turning down YC is the correct move or not (how could I or anybody on Republic possibly know), but that isn’t the issue. The issue is that many people invested in Oracle because YC was investing in them, so it feels like we have been conned to some degree, like Oracle was simply using that to lure people in.”
Founder & CEO Jaeson Bang commented stating “Getting accepted YC is the accomplishment, not finishing it.”
Oracle Health was founded in May 6, 2019 and is headquartered in Houston at JLABS (Texas Medical Center).