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The company plans to use the funding to expand its capabilities to identify more conditions incuding schizophrenia and multiple sclerosis. 

The acquisition will include Biovotions' wearables, patents, staff, partners and clients. 

Forest Devices' system, which employs disposable EEG caps and AI to streamline stroke care, was highlighted by judges and audience members over the cardiac offerings of fellow finalists Welldoc, PhysIQ, Happify Health, Qura and VUNO.

After fueling its seed round last year, Health Catalyst Capital Management again lead the startup's funding.

Called Atlas, the tool helps healthcare and research organizations vet wearables and health monitoring devices by their features, validation, usability, security and more.

The funding, led by Foundry Group, is made up of equity and debt. 

Founders Fund led the round, which will help the sleep tracking company expand its team and support R&D.

The Series C round brings the company's total raise to nearly $52 million.

The company is also gradually diversifying its business, with 20% of the expected value of new contracts coming from the non-diabetes business.

Despite some wins across its various business efforts, Fitbit's mounting losses provide some insight as to why the company was looking to sell.