Predictive Health Company Potrero Medical Closes $26.6 Million in Oversubscribed Series C Financing
Published: Jul 09, 2018
Potrero Medical, Inc., a predictive health company focused on using smart sensors and analytics for early detection of critical illnesses, announced today the closing of a $26.6 million Series C financing. The financing was led by China-focused healthcare investment firm GT Healthcare Capital Partners and Silicon Valley-based Sonder Capital. The funding will support further commercialization efforts of the company's flagship product, the Accuryn® Monitoring System.
Alan Au, Founder and Managing Partner of GT Healthcare, commented: "We are excited to be a part of Potrero Medical's vision, which has the potential to extend beyond the Intensive Care Unit (ICU) into areas such as the cardiac catheterization lab and operating room."
With the Accuryn® Monitoring System, Potrero Medical is transforming critical care monitoring by evolving the traditional urinary catheter into a smart sensor that helps to accurately monitor patients' vital signs in real-time. The technology is the world's first commercially available system for ICU patients that can fully integrate physiological measurements for intra-abdominal pressure, urine output, and core body temperature.
By managing the time-consuming and intensive monitoring of urine output, Potrero Medical's technology enables physicians and nurses to spend more time with critically ill ICU patients. Today, almost 50% of all ICU patients suffer from Acute Kidney Injury (AKI), a devastating condition that is responsible for nearly 300,000 deaths a year in the U.S. alone.1,2 However, clinical reports have demonstrated that intensive monitoring of urine output can improve the early detection of AKI and reduce the risk of death.3
"As robotics advanced medicine by improving minimally invasive surgery, predictive health is revolutionizing the way physicians monitor and treat their patients. Potrero Medical is leading the way with the Accuryn® Monitoring System," said Frederic Moll, M.D., founder of Intuitive Surgical and CEO of Auris Health. Dr. Moll is also a member of the Potrero Medical board of directors.
The capital Potrero Medical raised will also be used in developing an artificial intelligence platform to assist physicians with early intervention of life threatening events, such as Acute Kidney Injury (AKI). "Using artificial intelligence and data analytics, the Accuryn® system will be a transformative advancement in predictive health," Dr. Moll added.
"At Potrero, we are not only focused on the 300,000 people that lose their life due to AKI, but also focused on their families. We have a technology that enables medical teams to proactively treat patients, so that patients can return to their normal lives with their families," commented Joe Urban, CEO of Potrero Medical. "We are thankful for the support of our investors and our shared commitment to transforming patient care through predictive health."
About the Accuryn® Monitoring System
The Accuryn Monitoring System transforms the traditional indwelling urinary catheter (IUC) into a next-generation diagnostic tool for precise, real-time measurement of intra-abdominal pressure (IAP), urine output (UO) and core body temperature to help guide care. This pioneering technology requires virtually no setup, delivers continuous data, automatically clears the drain line, integrates with hospital EMR systems and aligns with best practices to reduce CAUTI risk. The Accuryn System is distributed by Medline, a global manufacturer and distributor serving the healthcare industry with more than 1,200 direct sales representatives. For more information, visit www.AccurynFromMedline.com.
About Potrero Medical, Inc.
Potrero Medical, Inc. is a predictive health company transforming patient care using predictive analytics for early detection of critical illnesses. As a spinout of medical device incubator Theranova LLC, Potrero Medical was founded with a mission to improve patient care with the latest advances in artificial intelligence and machine insights. Potrero Medical is headquartered in San Francisco, CA. For more information, visit www.potreromed.com or follow on LinkedIn.
SOURCE Potrero Medical, Inc.