EarlySense, Inc., an Israeli-based company with a U.S. subsidiary in Waltham, MA, announced a $15 million funding round today. The $15 million brings the company's total funding to $46 million, CEO Avner Halperin told MobiHealthNews.
EarlySense manufactures under-mattress sensors and remote monitoring systems for patient beds. EarlySense monitoring is wireless and contact-free; no sensors are hooked up to the patient in any way. The company intends to use this funding to increase commercialization efforts, getting the technology into as many hospitals in the United States and Europe as possible (expansion into Asian markets is planned for the future). The funding will also help develop the system further and expand clinical trials.
The goal, Halperin says, is for hospitals to equip non-ICU, non-cardiology beds, which generally have no monitoring systems, with EarlySense wireless systems instead. The system would monitor patients constantly and alert doctors of any change in respiratory, cardiac, or motion readings. Boston.com reported that EarlySense received FDA clearance to update their technology just last month.
"We really see a very significant momentum building for the company in making our tech the standard of care, help hospitals save patient lives and reduce their costs," Halperin said, adding that early detection like the system provides can reduce mortality by 70 percent and reduce care costs by 40 percent.
The $15 million came mostly from existing investors in the company, most notably Pitango Venture Capital, Israel's largest venture capital firm, which has invested heavily in health and life sciences. Other large players included JK&B, ProSeed VC Fund, Docor International Management and Bridge Investment Fund.
Halperin said that as well as expanding hospital adoption, other plans involve getting EarlySense technology into long-term care facilities like nursing homes, and eventually getting the technology into patients' homes. One use for the funding is running clinical trials for home use.
"What’s happening is the largest opportunity in the history of patient monitoring," Halperin said. "This is a multi-billion dollar opportunity."