Wells Fargo, Hill-Rom Participate in $39 Million Round for Medtech Company EarlySense
The Israel-based company develops a patient monitoring system capable of registering heart and respiratory rates and patient motion
Israeli medical device company EarlySense Ltd. has raised $39 million, the company announced Monday. Most of the funding was provided by healthcare manufacturing company Hill-Rom Inc. and Wells Fargo Strategic Capital, the venture investment arm of financial services company Wells Fargo & Company. The round brings EarlySense's total funding to $150 million.
For daily updates, subscribe to our newsletter by clicking here.Founded in 2004, EarlySense develops a patient monitoring system capable of registering parameters such as heart and respiratory rates, motion, and quality of sleep. The company's products are approved in both the U.S. and the European Union. EarlySense employs 140 people, 90 of them in Israel.
In December, Hill-Rom and EarlySense announced a partnership, as part of which the latter monitoring technology will be integrated into Hill-Rom’s smart beds.
Wells Fargo is "constantly looking to invest in companies well-positioned to become leaders in their respective areas of focus,” said John Ryan, managing director of Wells Fargo Strategic Capital. EarlySense is one of the first investments the company's new fund has made, he said, and Wells Fargo is looking forward to work with EarlySense's management.
BlueRed Capital, Argos Capital, Hotung Capital, and the Israel Innovation Authority, the Israeli government's innovation investment arm, also participated in the round, as did existing investors Pitango Venture Capital and JK&B Venture Capital.