EarlySense raised $7 million in investment funding to continue commercializing its patient monitoring system for hospitals and acute care centers. The D round brought its fundraising for the year to $20 million.
The company’s EverOn system has already received regulatory clearance for sales in the U.S. and European Union, and the new funding will be used to “accelerate the global launch” of the system, according to the company.
EverOn is a patient supervision system that goes underneath a hospital bed mattress. The device measures patients’ vital signs, such as heart and respiration rates, as well as movements to alert caregivers about their medical condition.
Among other uses, the device helps nurses and aides keep a better handle on turning patients in their beds, which prevents pressure ulcers. Clinical evaluations showed EverOn to significantly improve clinical care and lower costs for hospitals worldwide, according to the company.
The latest funding round was led by Chicago-based JK&B Capital, and included participation from Israel’s Pitango Venture Capital and other existing investors, according to the company. Earlier this year, Pitango led EarlySense’s $13 million investment round, which included participation from Cleveland-based venture group Bridge Investment Fund. Bridge also participated in the latest round.
Last year, the company received a grant from the Global Cardiovascular Innovation Center led by the Cleveland Clinic. The company has raised a total of $31 million over its lifetime.
EarlySense landed in the of headlines over the last year or so by announcing that it planned to open a U.S. outpost Ohio, which is a requirement for receiving a GCIC grant. The office will likely house sales and clinical support staff. In June, Tom Sudow, director of business development for the GCIC, said the hiring process for the Cleveland office was underway.
"EarlySense remains committed to establishing a presence in Cleveland through the partnership with the GCIC," said Bridge Investment Fund managing director Michael Goldberg. "Bridge looks forward to supporting EarlySense’s commercialization efforts in Ohio and the U.S," he said.
An EarlySense spokeswoman didn’t immediately return an e-mail.
