EarlySense, an Israeli company which develops contact free monitoring solutions for the ill, has completed a $20 million financing round, led by Samsung Ventures with an investment of $10 million. The infusion of new capital 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.
The announcement comes just a few days after Samsung took part in a $12 million investment in another Israeli startup Rounds, which offers users a live social platform that combines live communication and social activities
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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. 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.
“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 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.”