Just weeks after disclosing it had raised $13.3 million in venture capital, mobile clinical software developer PatientSafe Solutions has upped the total to $20 million to close its Series C financing round, the company said Monday.
The Merck Global Health Innovation Fund, a unit of pharmaceutical giant Merck & Co., led the round, which also included Camden Partners, TPG Capital and Psilos Group. As a result of the investment, San Diego-based PatientSafe has added Max Kahn, a Merck GHI principal, to its board.
PatientSafe, formerly known as IntelliDot, is not detailing how much each investor kicked in, but says it will use the money to ramp up marketing of its PatientTouch platform, a point-of-care suite that runs on iPod Touch enclosed in a waterproof case. The company also intends to add features aimed at helping hospitals meet "meaningful use" standards for electronic health records, increasing efficiency and preparing for the era of accountable care.
The PatientTouch package currently includes a barcode reader for patient identification and various communications technology to encourage collaboration. An iPhone version of the system supports Internet telephony.
A company statement suggests PatientSafe will be working with other technology vendors as well.
"This Series C round is an affirmation of our vision and strategy to move healthcare forward by arming providers with real-time actionable data and making care team workflows easier and more productive," PatientSafe President and CEO Joe Condurso said. "I am delighted to work with Max Kahn and the Merck GHI team to build an open ecosystem of partners to continue to serve our current and future clients across all settings."
According to CrunchBase, PatientSafe has raised more than $70 million in private equity to date, including a $30 million venture round that closed in February 2010.