By Mary Vanac
Israeli device company EarlySense raised $13 million to launch its EverOn patient monitoring system in the U.S. and Europe.
The Ramat Gan, Israel-based company last year received a grant from the Global Cardiovascular Innovation Center, led by the Cleveland Clinic.
At that time, EarlySense said it planned to establish a base of operations in the Cleveland area to develop the next version of its patient-monitoring device. Now, EarlySense CEO Avner Halperin says, “We have not opened an office yet. We are now in the hiring process, and we are looking at several options regarding locations in the USA.”
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 to 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.
“Over the past 12 months, clinicians and hospital administrators who have used the EverOn system have told us that they see a significant improvement in outcomes, both clinical and financial,” Halperin said in a press release (pdf). “Based on this strong feedback, we are enthusiastic about utilizing the new funds to launch the product and enable hospitals throughout the USA and Europe to benefit from the many positive deliverables of the EverOn system.”
Pitango Venture Capital in Herzliya, Israel– a new investor in EarlySense — led the company’s third investment round. Current shareholders Etgar Challenge Fund, Proseed VC Fund, Docor International Management and Noaber Ventures, all in Tel Aviv, Israel, as well as Bridge Investment Fund in Cleveland also participated in the latest round.
“EarlySense has the right management team, a unique proposition, and the breadth of opportunity, needed to grow into a successful, long term, major company,” said Ittai Harel, a partner at Pitango and a new member of EarlySense’s board of directors, in the release. “It is with confidence that we have chosen to support EarlySense in its effort to establish a new standard of care in hospitals worldwide.”
Yossi Vinitski, a managing partner at the Etgar Challenge Fund and chairman of the EarlySense board, is pleased with the company’s progress. “EarlySense has made impressive progress since the time of our previous investment,” Vinitski said in the release. “It is natural to continue our support of this important initiative, and we are delighted that Pitango has joined our team to build a market leader.”
To date, EarlySense has raised about $24 million.
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