Patient monitor developer EarlySense Ltd. has raised $13 million in its third financing round. Pitango Venture Capital led the round, joined by the company's current investors, Challenge Fund - Etgar, ProSeed Venture Capital Fund (TASE:PRSD), Docor International Management Ltd., Noaber Foundation, and Bridge Investment Fund.. The start-up recently completed trials and regulatory procedures, and is now preparing for sales, for which the proceeds of the financing will be used.
EarlySense co-founder and CEO Avner Halperin told "Globes", "Our objective is very sharply focused - to take our product, with the successful results of the trials, and bring it to market. We'll being in the US and Europe. We will set up a team, which we believe will begin generating sales in the second half of the year."
EarlySense's EverOn monitor and patient managing system monitors patients who are not in intensive care. The system includes a plasma screen, which the company installs in wards and at nurses' stations to provide information about the condition of patients, without disturbing their privacy.
EverOn is installed underneath a hospital bed mattress. There are no leads or cuffs to connect to the patient, who has complete freedom of movement and is not burdened by any irritating attachments. The system measures patient vital signs and movements and alerts medical personnel of the changes in a patient’s condition. EverOn detects heart and respiration rates, bed entries and exits, as well as patient movement.
Halperin said, "We obtained US Food and Drug Administration (FDA) approval, and positive results at a number of sites. The system works and meets a technical and clinical need." EarlySense has raised $24 million to date. ProSeed invested $750,000 in the current round and will also convert $556,000 in loans to shares, boosting its stake in the company to 5.7%.
"Globes": Who needs the system?
Halperin: "Currently in both the US and Israel, 80% of hospitalizations in emergency care and cardiology wards are not monitored. In the coming years, regulatory changes are expected, which will require hospitals to monitor general patients as well. The condition of general patients has worsened, and monitoring can help treat them better. No less importantly, it can save hospitals many expenses."
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010