Baby technology company Owlet and telehealth staffing and services firm Wheel have announced a partnership to enable Wheel's clinicians to prescribe Owlet's medical pulse oximetry wire-free sock for infants. Owlet's BabySat, cleared by the FDA last year, monitors a baby's heart rate and oxygen saturation level and alerts caregivers of any readings outside prescribed ranges, to be used based on a healthcare provider's recommendation for at-home monitoring. Through this collaboration, caregivers can obtain a prescription for BabySat via Wheel's online portal or clinicians and order the sock at little to no cost through Wheel's BabySat telehealth platform, which interfaces with durable medical equipment suppliers for billing insurers. Wheel CEO Michelle Davey expressed excitement about the partnership, emphasising their aim to expand healthcare access, particularly for growing families.
In a larger context, Owlet, after withdrawing its Smart Sock wearables from the market in 2021 due to FDA concerns, introduced Dream Sock Plus, a consumer-focused sleep wearable for children up to 5 years old. Since its SPAC debut in 2021, Owlet has secured significant investments, including $30 million in private placement financing in 2023 and an additional $9 million in February of the current year. Despite a decrease in revenue and a net loss in fiscal year 2023, Owlet remains a notable player in the baby tech market.
On the other hand, Wheel, a privately held firm, has raised substantial funds, including $150 million in Series C funding in 2022. It has expanded its offerings through strategic acquisitions, such as acquiring GoodRx's backend virtual care technology in 2022. However, the company experienced layoffs, cutting 28% of its workforce last year. Wheel's recent partnerships with Mark Cuban Cost Plus Drug Company, Talkspace, and Health Gorilla demonstrate its commitment to delivering mental health services, affordable prescription drug pricing, and lab diagnostics through its integrated virtual care platform.
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