Illinois’ Pharos Innovations raises $862K for patient-monitoring technology

Pharos Innovations LLC has raised nearly $862,000 in equity for the company’s remote patient-monitoring technology, according to a Securities and Exchange Commission filing.

The company’s Tel-Assurance software guides patients through “targeted survey questions” through the phone or Web that are designed to inform providers of changes in a patient’s health status.

The company says its technology helps providers reduce hospital admissions and health costs for chronically ill patients.

The company was founded by Dr. Randy Williams, a practicing cardiologist who also works as its chief executive.

Among the company’s clients is Detroit’s Henry Ford Health System, which used Pharos’ technology to cut hospital admissions for heart-failure patients.

Pharos is seeking to raise $1 million, according to the regulatory filing. It declined to disclose its revenue. A Pharos spokeswoman didn’t immediately return a call.