Funds will be used to continue the company's global commercial expansion and to further move EarlySense's solutions into the home-medical and consumer markets.
RAMAT GAN, Israel, January 20, 2015 --
EarlySense Ltd., the market leader in contact-free monitoring, announced today that it has completed a $20 million financing round, led by Samsung Ventures with an investment of $10M. Existing investors whose participation was also substantial include Pitango Venture Capital, Welch Allyn, JK&B, Proseed and Noaber.
"We invest in companies that are paving the way for their respective industries. EarlySense has developed and brought to market a unique, breakthrough technology that will improve the lives of consumers through health parameter sensing and monitoring. This technology, based on algorithms, analytics, and smart Health/IT capabilities, has been commercialized in the professional healthcare market over the past few years. This has built powerful clinical and market validation. Our investment is evidence of our belief in the need to bring sensors to hundreds of millions of consumers and we will do all that is in our hands to contribute to EarlySense's accelerated growth," said Gonzalo Martinez de Azagra, Head of Samsung Ventures Israel.
"Welch Allyn recognized several years ago that the EarlySense monitoring platform offers significant advances for clinicians, while they care for patients, in their efforts to provide efficient, safe care. We integrated the EarlySense technology into our CVSM Platform earlier this year, with excellent market response. We look forward to continuing our partnership with EarlySense in our collective efforts of improving patient care and outcomes in every bed and in every professional healthcare environment," said Stephen Meyer, CEO of Welch Allyn.
"We are happy to have Samsung join our vision of bringing smart sensors to health and wellness at homes, hospitals and long term care. As a global leader in consumer products, Samsung can increase our reach to homes and will facilitate accelerated growth in that market. We are also honored by the vote of confidence from our existing investors, including Welch Allyn and the ongoing partnership we share together. We have made great progress to date and look forward to our continued growth and introduction of our innovative technology into additional market areas, in an effort to save lives and improve quality of life," said, Avner Halperin, CEO of EarlySense.
Ittai Harel, General Partner at Pitango VC and Chairman of EarlySense's Board of Directors, said, "EarlySense continues to make excellent progress with supplying hospitals and long term care facilities with patient monitoring and management systems that offer tremendous value both clinically and economically. We believe that over time, such systems will become the standard of care. Market adoption acceleration has been strong, and we expect it to further accelerate with the use of this financing. The fact that an industry giant like Samsung is coming on board is a result of Samsung's exciting vision for wellness and smart homes, and is a further indication of the enormous potential both Samsung and we see to the utilization of EarlySense's solutions in the home."
EarlySense is the market leader in contact-free and continuous monitoring for the medical and consumer wellness markets, with a unique sensor that is placed under the mattress and advanced analytics that leverage big data capabilities to provide unique offerings. The company's solutions monitor heart and respiratory rate, as well as movement and sleep. EarlySense's medical solutions for institution and home environments assist clinicians in early detection of patient deterioration and in identifying and preventing potential adverse events such as patient falls and pressure ulcers. EarlySense's wellness solutions facilitate wellness and sleep improvement and are a key part of smart home solutions. EarlySense also offers OEM solutions for companies looking to expand their products by providing contact-free and continuous sensing capabilities. The company's international headquarters are in Israel. The US headquarters are in Waltham, MA. The EarlySense System is currently installed in hospitals, rehabilitation centers and homes in USA, Europe, Asia and Australia. For more information, please visit: http://www.earlysense.com