Blue Spark Technologies, a wearable remote patient monitoring solutions provider, has raised a $40 million intellectual property-based debt solution to fund growth led by GT Investment Partners with support from Aon.

The funding will go towards scaling the company’s sales and marketing functions and the continued advancement of Blue Spark’s wearable remote patient monitoring solutions.

TempTraq, Blue Spark Technologies’ innovation, is a continuous, disposable, real-time body temperature monitoring patch that gives healthcare providers a way to monitor patients for fever spikes for up to 72 hours. The comfortable, disposable patch is an FDA Cleared Class II medical device that significantly improves the way temperature is measured in the clinical environment, providing clinicians a quicker, easier, and more effective way to continuously measure temperature in both inpatient and out-patient settings.

John Gannon, president and CEO, Blue Spark Technologies, said: “Hospitals are seeking to improve patient care, reduce readmissions, optimise reimbursements, and gain competitive advantage. TempTraq has been clinically proven to accurately detect fevers much earlier than the current standard of care. Having Ghost Tree’s support and expertise will be invaluable as we continue to expand our remote patient monitoring solutions to the market.”

Mark Fox, managing partner, Ghost Tree Partners, added: “Blue Spark has leading-edge technology backed by clinical research and results. We are excited to support the company’s next phase of growth and accelerate the company’s innovative patient monitoring solutions to healthcare and life-sciences providers worldwide.”