Sotera Wireless to Receive $14.8M in FinancingThursday, February 7, 2013
San Diego-based medical device company Sotera Wireless Inc. will receive $14.8 million in financing from a group of investors that includes Safeguard Scientifics Inc., a Wayne, Penn.-based holding company that provides growth capital and operational support to health care and technology companies.
Sotera has so far received $1.33 million from the deal, which will go toward building the sales network and distribution of its new wireless patient monitoring platform.
Financing in this round also comes from Delphi Ventures, Sanderling Ventures, Qualcomm Ventures, EDBI, Intel Capital, Cerner Capital and West Health Investment Fund.
Sotera’s ViSi Mobile platform monitors vital signs, with aims to keep clinicians connected to their patients. Its sensors can be worn on the body throughout the day.
“We believe that Sotera’s ViSi Mobile addresses a large market, with the opportunity to revolutionize the way hospitals monitor patient vital signs. ViSi Mobile fills an unmet medical need, has the potential to reduce health care spending, and can rapidly improve patient management while achieving significant growth,” said James Datin, executive vice president and managing director at Safeguard who joined Sotera’s board of directors, in a statement. “Through this financing, we can provide Sotera with the necessary resources to help increase ViSi Mobile’s penetration into hospitals throughout the United States, and encourage the development of other, complementary products that build upon Sotera’s proprietary technology.”
Sotera CEO Tom Watlington said in a statement that with the $14.8 million in additional capital, it plans to expand the availability of its patient monitoring system to more than 5,000 hospitals in the U.S.
Safeguard has a 7.7 percent primary ownership stake in Sotera, and has the potential to raise that stake to 20 percent.
— Meghana Keshavan