Medical device start-up EarlySense Ltd. has raised $2 million in a private placement from shareholders. The sum includes a $190,000 bridge loan from ProSeed Venture Capital Fund (TASE:PRSD). The loan bears LIBOR plus 3%, and can be converted into EarlySense shares at a discount on the share price set in the company's next financing round.
In addition to ProSeed, EarlySense's investors include Challenge Fund - Etgar, Docor International Management Ltd., Bridge Investment Fund LP, and Orange Blossom Ventures Ltd.
EarlySense has developed EverOn, a wireless patient supervision system installed underneath the hospital bed mattress. The system measures patient vital signs and movements and alerts nurses of any change in condition. EverOn detects heart and respiration rates, bed entries and exits, as well as patient movement and turns.
Yesterday, EarlySense announced a trial of EverOn with California's Catholic Healthcare West (CHW).
Published by Globes [online], Israel business news - www.globes-online.com - on March 4, 2009
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