Digital health company MD Revolution has reported raising $9.7 million in an equity offering launched Sept. 19.
In an Oct. 4 filing with the U.S. Securities and Exchange Commission, the San Diego-based company said a total of 71 investors purchased shares. The money raised represents 30 percent of the nearly $32.4 million offered when the round began two weeks ago.
Twenty percent of the money raised will be used to pay off debt, while the remainder will count as new cash, the filing stated.
MD Revolution has developed a smartphone app bringing together health and fitness data from sources such as digital blood pressure monitors and FitBit devices. Besides helping patients track their health, the software makes determinations about which users are most likely to adhere to health regimens, information that is then factored into chronic disease management programs.