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Jun-3-2010
EarlySense Raises $13 Million from Pitango and Current Investors

 

Financing will support global product launch of the EverOn® contact-free patient supervision system

 

Ramat Gan, Israel, June 3, 2010 — EarlySense, developer of the Everon patient supervision system for hospital and post acute care, announced today that the company has closed a US$13 million third financing round led by Pitango Venture Capital. Current shareholders Etgar Challenge Fund, Proseed VC Fund, Docor International Management, Noaber, and Bridge Investment Fund also participated. To date, EarlySense has raised about US$24 million in three rounds.

 

The company’s lead product, the EverOn, is a contact-free patient supervision system 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. EverOn also helps the medical staff to better implement patient turns by verifying the turning process, which can positively influence the treatment and the prevention of pressure ulcers. Clinical evaluations performed worldwide with EverOn show significant improvement in clinical and economic outcomes for hospitals using the system.

 

“Pitango has identified contact-free patient supervision systems as a promising area, with potential for rapid growth within the healthcare industry. We are excited to be working with EarlySense as a leader in this emerging space,” said Ittai Harel, a partner at Pitango and the newest member of EarlySense’s Board of Directors. “EarlySense has the right management team, a unique proposition, and the breadth of opportunity, needed to grow into a successful, long term, major company. 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 EarlySense’s Board of Directors said, “EarlySense has made impressive progress since the time of our previous investment. 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.”

 

“Over the past 12 month 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,” said Avner Halperin, CEO of EarlySense. “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.”

 

About EarlySense:

EarlySense is bringing to market a pioneering technology designed to advance proactive and preventive patient supervision to enable better patient outcomes. The company’s flagship product, EverOn, is an automatic, continuous, contact-free patient supervision device that follows and documents a patient’s vital signs and movement. The system is currently installed at several medical centers in the USA and Europe. EarlySense is headquartered in Ramat-Gan, Israel.

 

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