(8 Jan 2025) Siren has closed a $9.5M funding round, led by Mölnlycke Health Care (who invested $8M in the deal). This is a watershed moment for the advanced wound care industry, marking a significant shift towards prioritizing prevention alongside treatment for chronic wounds. However, the harsh reality is that the limitations of 1st-gen prevention platforms (Siren is 2nd-gen), payer dynamics, and scalability simply were not there yet. Consequently, the return on investment for treating a small number of diabetic foot ulcer (DFU) patients was more attractive and predictable. In contrast, investing in prevention for thousands of patients traditionally presented a less clear ROI, and complex patient journey pathways. This latest announcement signals a change in the trajectory.
Historically, early prevention solutions struggled to gain traction due to limitations in technology, mobility, and user-friendliness, as well as inadequate scalability and business model innovation. However, this latest development sets a new benchmark. Mölnlycke’s investment in remote patient monitoring (RPM) is notable not only for its commitment to innovation but also for its strategic focus on next-generation RPM solutions and business models. As traditional healthcare delivery models face increasing pressure to adapt to growing demands and the transition to value-based care, telehealth, and patient-centric care, the timing of this investment is particularly opportune.
Siren’s pioneering approach is on track to transform the prevention and treatment of wounds, representing a major step forward in evidence-based, patient-centric care models. Having had the privilege of observing Siren’s growth firsthand, I was struck by the team’s exceptional grasp of market dynamics and innovative technology. What impressed me most, however, was their unique blend of drive for excellence and receptiveness to new ideas. After joining their advisory board in late 2023 and suggesting a new feature soon thereafter, I was astonished by their ability to develop a working prototype within just a few days—in time for a key demo meeting. This capacity for rapid adaptation and integration of new concepts, combined with their ongoing business growth, inspired me to not only advise Siren through Diligence Wound Care Global but also to invest in the company through Wound Care Global Holdings. I am proud to be a part of their journey.