Bruin Biometrics said it closed an oversubscribed funding round that beat its target by nearly $2.7 million.
The Los Angeles-based company, which makes biometric sensors designed to detect tissue damage in wounds, joints and orthopedic implants, said the $10 million round came in well aboce its goal.
Bruin Biometrics said it plans to use the funds for marketing the SEM wound scanner that won CE Mark approval in the European Union. A 2nd device, for scanning joints and orthopedic implants, is "on track for commercial launch in Q4, 2014," according to a press release. BBI plans to use some of the proceeds for clinical trials and R&D on other products.
“Investors are responding to this important opportunity ideally timed to solve critical issues that cost healthcare systems globally billions of dollars in expensive, preventable diagnostics and treatments. BBI’s biometric scanning technology is proven and ready to improve patient care simply and inexpensively,” CEO Martin Burns said in prepared remarks. “Investors, physicians and hospitals understand these sensors detect a number of key health conditions. They soon will become another essential tool used by nurses and other healthcare workers to check a patient’s vitals, just as the blood pressure cuff is used today.”
BBI said it closed on $4 million from a pair of prior funding rounds.
Chris Walker contributed to this report.