ClearCount Medical Solutions Closes $5M Series B Financing Round
Published: Aug 31, 2010
PITTSBURGH--(BUSINESS WIRE)--ClearCount Medical Solutions, an innovator of patient safety solutions for the operating room, announced today the close of its $5M Series B financing round. The company will use the funds to drive market penetration and research and development of its RFID-based solutions for hospital patient safety applications. ClearCount has developed the first FDA-cleared sponge counting and detection solution. The round was supported by both new and existing shareholders with participation by its leading shareholder, Draper Triangle Ventures, Midwestern-based Network Partner of Draper Fisher Jurvetson (DFJ). "Thanks to the strong backing of our investors, this past year ClearCount completed a valuable distribution deal, signed major new customers and introduced an important new product that is making surgical procedures safer every day," said David Palmer, CEO of ClearCount Medical Solutions. "ClearCount's patented RFID technology and offerings are more relevant than ever," said Mike Stubler, Managing Director of Draper Triangle. "As improving the quality of healthcare continues to be a national focus, solutions that can also impact the efficiency and value a hospital offers its patients are sure to be adopted. ClearCount has shown this is true with its track record of customer and partnership wins." Retained sponges are the most frequent and dangerous of retained surgical items (RSIs), a “Never Event” resulting in non-payment to hospitals and significant risk to patients. A large multicenter trial recently demonstrated that as little as a 30 minute surgical delay can nearly double the risk of infectious complications – every minute counts. By eliminating preventable hospital costs and delays associated with RSIs, including additional surgery and infection costs, litigation, unnecessary X-rays and anesthesia, ClearCount’s products can provide hospitals an improved reputation at a rapid rate of return on investment. About ClearCount Medical Solutions ClearCount Medical Solutions is a medical device company focused on patient safety solutions. ClearCount has assembled an extendable RFID-based platform that provides a comprehensive solution to improve efficiency while preventing medical errors. ClearCount's SmartSponge and SmartWand-DTX systems are the first RFID enabled systems for counting and detecting surgical sponges, thereby improving patient and OR safety, enhancing productivity, and reducing cost. Both products are exclusively distributed by Medline Industries. ClearCount Medical Solutions has been recognized with a Popular Science 2009 Best of What's New Award, and has received additional recognition from TIME and WIRED magazines, the 2009 Wall Street Journal Technology Innovation Award, the International Design Excellence Award (IDEA) and more. To learn more, visit www.clearcount.com. About Draper Triangle Ventures Draper Triangle is a premier source of venture funding for early stage and emerging growth technology companies in the Pennsylvania and Ohio region. As the Midwestern-based network partner of Draper Fisher Jurvetson (DFJ), the leader in seed and Early stage venture capital, Draper Triangle offers entrepreneurs and investors a host of benefits unrivaled in the industry. The DFJ Network has grown to encompass over 140 venture capital professionals, in more than 30 cities throughout the US, Asia, Europe, Israel, South America, and Russia, with more than 600 portfolio companies funded and over $6 billion of capital under management. Visit www.drapertriangle.com for more information.