MoveFactorX is raising $1 million to expand its wearable device for measuring movement and balance from the world of high-performance athletics into clinical care for elderly patients at risk of falls.
Scott Damman and Ivan Kim initially brought the device to market six years ago to measure a person’s movement, flexibility, strength and balance. After first working with professional and college athletes and their coaches and trainers, MoveFactorX now is planning a capital raise to move into clinical care provided by physical therapists and rehabilitation providers.
To make the shift, they developed a wearable belt and weighted medicine balls that are embedded with sensors and are used with a mobile app. The device enables clinicians to digitally measure and track a patient’s movement, balance and strength, and document the data to gauge their progress or decline. They can then report data to health insurers on the patients’ conditions.
MoveFactorX initially targets fall and injury prevention among older adults and the resulting hospital and nursing home admissions. The market shift is driven by new Medicare reimbursement policies that now support preventative movement evaluations…