Sotera Wireless Lands $14.8 Million in New Financing
Published: Feb 07, 2013
Sotera Wireless, maker of the wrist-worn ViSi Mobile wireless vitals monitoring system, has landed $14.8 million in fresh capital, including $1.33 million from Safeguard Scientifics and an undisclosed amount from another new investor, Delphi Ventures. Other participants in this round include previous shareholders Sanderling Ventures, Qualcomm Ventures, EDBI, Intel Capital, Cerner Capital and the West Health Investment Fund, according to Wayne, Pa.-based Safeguard. With its investment, Safeguard gains a seat on Sotera’s board of directors and now holds a 7.7 percent stake in Sotera. Safeguard also has an agreement to increase its share to 20 percent under certain, unspecified scenarios. “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 healthcare spending, and can rapidly improve patient management while achieving significant growth,” Safeguard Executive VP and Managing Director James A. Datin, who is the newest Sotera board member, says in a press release.