Aethon, Inc. Raises Additional $14 Million to Fund Rapid Growth and Expand its National Customer Base
Hospitals across the country have shown continued strong interest in Aethon's innovative technology, further evidenced by a recent Forbes.com article (http://www.forbes.com/fdc/welcome_mjx.shtml ) citing Aethon (developer of the 'TUG' self-navigating robot) as one of seven hot medical technology start-ups whose innovations are changing health care*.
"This is a very exciting time for our company," said Aldo Zini, Aethon president and chief executive officer. "Aethon's progress has been a result of a strong management team and customers who are realizing the value of automating their supply chain logistics with Aethon's solutions. We are pleased to be able to attract new investment partners to our company and receive a significant valuation increase over our previous financing round in 2005."
This funding supports Aethon's goal of continued business growth, accelerated sales, and intensified research and development efforts on new products and product extensions.
"Since our initial commercial launch of the TUG robotic system, we have been experiencing rapid growth -- doubling our revenue year over year. We are now positioning Aethon for a greater acceleration of growth," added Zini. "This additional capital will help us to build out our infrastructure and recruit additional top talent to support an expanding customer base across the country."
The two new investing partners were strategically selected by Aethon because of their excellent track records in healthcare investments. Nexus is a seasoned healthcare investment firm that brings its German-based affiliate, Medicis Nexus Partners, to help expand Aethon into the European market. Radius Ventures is focused on leading-edge health and life sciences companies, and brings a roster of proven healthcare industry executives and experts who can contribute to Aethon's expansion.
"We are thrilled to have the opportunity to invest in a company like Aethon with their dynamic management team who has shown the dedication necessary to properly grow the company," explained Greg Zaic, a senior partner of Nexus. "Aethon's unique technology has limitless potential about which customers are genuinely enthusiastic."
Existing investors also reinforced the vote of confidence for Aethon by electing to participate in this round of funding. Nexus and Radius Ventures joined existing venture capital groups Trident Capital, Pacific Venture Group, Salix Ventures, Draper Triangle Ventures and Ascension Health Ventures.
About Aethon
Based in Pittsburgh, Pa., Aethon is a leader in healthcare Supply Chain Logistics and Workflow Solutions, providing a broad range of departmental and hospital-wide applications that automate the movement of goods (such as medications, supplies, meals, equipment, etc.), improve asset utilization, and ensure regulatory compliance. Aethon delivers its solutions through a proprietary autonomous mobile robot, the TUG, which reduces cost, enhances clinical productivity, improves workflow, and allows clinicians to focus more time on patient care. Tugs have demonstrated ROI's in the 20 to 50 percent range, while improving nurse and patient satisfaction. More than 100 hospitals nationwide have deployed Aethon's technology. For more information, visit www.aethon.com.
About Nexus Medical Partners
Nexus Medical Partners is a private equity firm, headquartered in Boston, MA, specializing in making private equity investments in and providing strategic assistance to medical technology and selected life science companies. As a group, Nexus Principals average twenty years in the business. In addition to being experienced equity investors, the backgrounds of the Principals include successful careers in medical device and pharmaceutical line management of both established and emerging companies, medical industry business development, Wall Street analysis and legal practice. For more information, visit www.nexusmp.com.
About Radius Ventures
Founded in 1997, Radius Ventures, LLC ("Radius") is a health and life sciences focused venture capital firm that manages in excess of $200 million. Radius deploys capital across the industry's key sectors -- biotech, devices, diagnostics, and healthcare services / IT. The firm pursues a highly engaged investment style by leveraging the expertise of its internal team and by providing access to its extensive network of senior industry and professional relationships. For more information, visit www.radiusventures.com.
Source: Aethon, Inc.