Hill-Rom (NYSE:HRC) and Wells Fargo Strategic Capital (NYSE:WFC) led a $39 million funding round for EarlySense and its contact-free patient monitoring technology, the Israeli company said today.

Other participants in the round included BlueRed Capital, the Israel Innovation Fund, Argos Capital and Hotung Capital and existing investors Pitango Venture Capital and JK&B Venture Capital.

“Millions of beds worldwide require our continuous sensing and predictive analytics. As we continue our exciting journey to make our solution the standard of care, we are looking for the best strategic and financial partners to bring our solution to every bed,” EarlySense CEO Avner Halperin said in prepared remarks. “We are honored to have Hill-Rom and Wells Fargo as our partners – each a unique leader and a globally revered brand in its field. Their commitment to enhancing patient care and safety empowers us to help healthcare professionals treat hundreds of thousands of patients. In 2018 alone, our technology helped providers save over $100 million, and played the pivotal role in preventing 3,000 deaths, 5,000 patient falls and 4,000 cardiac arrests… and this is only the beginning.”

“Hill-Rom is committed to enhancing patient safety through cutting-edge technologies. Our Centrella bed is transforming inpatient care with integrated advanced sensing and analytics, offering a complete patient safety platform to assist clinicians in providing the highest level of care,” added Hill-Rom president & CEO John Groetelaars. “Our decision to change the standard of care by integrating EarlySense into our Centrella platform, and now our move to deepen our exclusive relationship with EarlySense through a significant equity investment, are key steps in that direction.”

“As a global financial leader, Wells Fargo helps enable companies to become market leaders in their respective areas of focus. Wells Fargo Strategic Capital seeks to invest in companies that deliver a positive impact on patients and those who treat them,” WFSC managing director John Ryan said. “We look forward to working with EarlySense’s management and valuable partners such as Hill-Rom to improve how care is provided globally.”

“These are exciting times for EarlySense. The company has transitioned to a SaaS-like business model, and has since more than tripled its installed base in hospitals and nursing homes within the last year alone. The partnership with Hill-Rom is a natural fit to fuel the company’s vision of ‘an EarlySense sensor in every bed,'” added Pitango managing partner and EarlySense chairman Ittai Harel. “With the growth financing completed, we expect accelerating sales growth in the U.S. and globally, the adding of new AI-based analytics, and further expanding the company’s patient and health monitoring solutions offering, from hospitals to nursing homes and to the home.”

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