June 3, 2010 / 11:03 AM / 9 years ago

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--(Business Wire)--
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 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," 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.
For additional information, please visit www.earlysense.com. Press contact:
Marjie Hadad, media liaison, marjie.hadad@earlysense.com or +972-54-536-5220.

Marjie Hadad, media liaison

Copyright Business Wire 2010

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