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VC Firm, Draper Triangle Ventures Invest $5 Million in Series B Funding for ClearCount Medical Solutions
August 31st, 2010 1 comment
Based in Pittsburgh, Pennsylvania, ClearCount Medical Solutions is a medical device company that develops RFID medical tracking devices that allow physicians to monitor the health of their patients. On Tuesday, August 31, 2010, the company announced that it has just $5 million in a series B funding round with Draper Triangle Ventures leading the funding round. Other investors who participated in this funding wound include the company’s existing investors, who are not disclosed to the public.
The technology that the team at ClearCount has developed is very attractive to investors because with its use of an RIFD platform, it can stop many medical errors that can cost thousands of dollars in extended hospital stays. This technology can be especially helpful in surgeries, where most medical errors occur. One of the largest medical errors that occur with surgeries are sponges that remain in the body after the surgeon has closed up the wound where the surgery was performed. This type of error is the leading cause of post surgical infections. The use of the RFID based platform that ClearCount has the purpose to drastically reduce such errors, hence reduce the onslaught of post-surgical infections in patients and reducing the hospitalization time.
How does this system work? Well, it’s quite simple. ClearCount has developed the smart sponge which has a small RFID chip inside which surgeons can use when performing the initial surgery. In addition to the sponge the technology also comes with a corresponding wand that can read the signal from the RFID sponge and can detect whether the sponge is still left in the body of the patient. The corresponding Smart Wand can read the radio signal from the RFID chip in the sponge and can detect the sponge inside the body before the surgeon stitches the wound back up. By swiping the wand across the entire surgical area, the surgeon can make sure that all the sponges are removed before closing the area back up. This in turn can save a lot of grief for both the patient and his or her family and from malpractice law suits for the surgeon.
According to the CEO of ClearCount Medical Solutions, David Palmer, the company has been able to have the success it has been having lately because of the strong backing of its investors. Furthermore, ClearCount has signed deals with new customers and has introduced to the market a product that can make a difference in the quality of the performance of surgical procedures.
According to the managing partner of Draper Triangle Ventures, Mike Stauber, the patented technology that ClearCount has to offer are more relevant in today’s society where malpractice law suits are becoming a more common reality involving surgeries. Furthermore, the goal for society to improve the quality of healthcare can fully benefit from the RFID technology to ensure that sponges are not retained in the body of the patient after a surgical procedure can greatly reduce the time spent in the hospital and reduce post-surgical infection. The effectiveness of ClearCount’s product is verified by the customer base and partnerships the company has won.
Draper Triangle Ventures is a partner of the larger Draper Fisher Jurvetson which primarily invests in early stage companies. Draper Triangle Ventures primarily invests in early stage companies who are in the tech industry. The vc firm works through the network of Draper Fisher Jurvetson network and has approximately $6 billion under its management. Besides the large funding, Draper Triangle also offers its entrepreneurs a wide range of resources from the DFJ global network. Some other companies in Draper Triangle’s portfolio include ActiveMedia Corporation, Aethon, EidoServe, Haley Systems, Inspired Technologies, Landslide Technologies, and others.
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Draper Triangle Ventures has a great portfolio:
http://www.drapertriangle.com/portfolio/
And I saw they prefer tech companies, usually for first round investments. The sum invested in ClearCount seems huge to me, they could probably forecast a huge ROI as well.