Sotera CEO Tom Watlington
Sotera Wireless announced that it had raised $12.2 million in its fourth round of funding. Singapore-based global fund EDBI led the round, which included participation from new investor Cerner Capital and existing investors Sanderling Ventures, Qualcomm Ventures, Intel Capital and the West Health Investment Fund. The latest round of funding brings total investment in Sotera to nearly $50 million by our count.
Sotera also inked a commercial deal with Cerner.
“I met the Sotera Wireless leadership team about a year ago and I was amazed by the truly revolutionary capabilities that they have built into their product, ViSi Mobile,” said Paul Gorup, chief innovation officer and co-founder of Cerner. “We at Cerner believe in the power of innovation and decided to collaborate with Sotera Wireless to jointly make an impact on how vital signs for general care patients in hospitals are captured and documented.”
The ViSi Mobile offering is not FDA-cleared, but the company submitted it for 510(k) clearance in August. Sotera's ViSi Mobile System aims to help care providers detect early signs of deterioration through constant monitoring of a patient's vital signs. It's a wireless vital signs monitor intended for use inside a healthcare facility, but the company could find use cases for the technology outside of traditional care settings, too.
The new money will help the company bring the product to a commercial launch if and when the FDA clears it.
EDBI plans to help Sotera bring its offering to the Asia-Pacific market. EDBI CEO Chu Swee-Yeok stated in the press release: “Health systems worldwide are facing the challenge of an increasingly high-risk and frail patient population. We believe Sotera offers a disruptive platform that will provide clinicians with the visibility they need for pre-emptive and preventative care."
Earlier this year it came out that Sotera was working with San Diego-based Palomar Pomerado Health to integrate its vital signs monitoring devices with Palomar's Medical Information Anytime Anywhere (MIAA) platform, which aims to provide clinicians with access to patient medical records and vital sign information in real time or near-real time.
Sotera scooped up more than $10 million in funding in April 2010, and another $7 million in July 2010. In November 2009 the company changed its name from Triage Wireless as part of an agreement with Inverness Medical, which marketed products under a similar brand name as Triage Wireless.
More on the latest Sotera round of funding and Cerner deal in the press release below:
Sotera Wireless Completes $12.2 Million Series D Financing, Signs Agreement With Cerner
SAN DIEGO – Dec. 13, 2011 – Sotera Wireless, Inc. today announced the completion of a $12.2 million Series D financing led by Singapore-based global fund, EDBI. The round also included new investor Cerner Capital and existing investors Sanderling Ventures, Qualcomm Ventures, Intel Capital and West Health Investment Fund. The Company also announced it has executed a commercial agreement with Cerner, a leading health care technology company, which participated in the financing as Cerner Capital.
“I met the Sotera Wireless leadership team about a year ago and I was amazed by the truly revolutionary capabilities that they have built into their product, ViSi Mobile,” said Paul Gorup, chief innovation officer and co-founder of Cerner. “We at Cerner believe in the power of innovation and decided to collaborate with Sotera Wireless to jointly make an impact on how vital signs for general care patients in hospitals are captured and documented.”
Chu Swee-Yeok, chief executive officer of EDBI, said, “Health systems worldwide are facing the challenge of an increasingly high-risk and frail patient population. We believe Sotera offers a disruptive platform that will provide clinicians with the visibility they need for pre-emptive and preventative care. EDBI looks forward to actively assisting Sotera to tap into new business opportunities in the Asia-Pacific market to expand its global footprint.”
The ViSi MobileTM System was designed to benefit patient safety by detecting early signs of deterioration through constant monitoring of all vital signs. Patient safety is among the chief concerns of hospital clinicians and administrators faced with balancing quality, decreasing budgets and staffing resources.
The Company submitted its first 510(k) application for U.S. marketing clearance of the ViSi Mobile System to the U.S. Food and Drug Administration in August 2011, and it is currently under review. The funding from the Series D financing will support the launch and commercialization of the product after regulatory clearance.
About Sotera Wireless
Sotera Wireless, Inc. is a medical device company dedicated to the development, marketing and sale of a new generation of comprehensive vital signs monitoring. Sotera’s mission is to improve patient safety by empowering clinicians to detect early signs of deterioration in virtually any care setting and enable early intervention and rapid response, all without limiting the patient’s freedom of movement. More information on the company can be obtained at www.soterawireless.com or by sending an email to info@soterawireless.com.
