Sotera Wireless Completes $12.2 Million Series D Financing, Signs Agreement with Cerner
SAN DIEGO, Dec. 13, 2011 /PRNewswire/ -- Sotera Wireless, Inc. today announced the completion of a $12.2 million Series D financing led by Singapore-based global fund, EDBI. The round also included new investor Cerner Capital and existing investors Sanderling Ventures, Qualcomm Ventures, Intel Capital and West Health Investment Fund. The Company also announced it has executed a commercial agreement with Cerner, a leading health care technology company, which participated in the financing as Cerner Capital.
"I met the Sotera Wireless leadership team about a year ago and I was amazed by the truly revolutionary capabilities that they have built into their product, ViSi Mobile," said Paul Gorup, chief innovation officer and co-founder of Cerner. "We at Cerner believe in the power of innovation and decided to collaborate with Sotera Wireless to jointly make an impact on how vital signs for general care patients in hospitals are captured and documented."
Chu Swee-Yeok, chief executive officer of EDBI, said, "Health systems worldwide are facing the challenge of an increasingly high-risk and frail patient population. We believe Sotera offers a disruptive platform that will provide clinicians with the visibility they need for pre-emptive and preventative care. EDBI looks forward to actively assisting Sotera to tap into new business opportunities in the Asia-Pacific market to expand its global footprint."
The ViSi Mobile™ System was designed to benefit patient safety by detecting early signs of deterioration through constant monitoring of all vital signs. Patient safety is among the chief concerns of hospital clinicians and administrators faced with balancing quality, decreasing budgets and staffing resources.
The Company submitted its first 510(k) application for U.S. marketing clearance of the ViSi Mobile System to the U.S. Food and Drug Administration in August 2011, and it is currently under review. The funding from the Series D financing will support the launch and commercialization of the product after regulatory clearance.
About Sotera Wireless
Sotera Wireless, Inc. is a medical device company dedicated to the development, marketing and sale of a new generation of comprehensive vital signs monitoring. Sotera's mission is to improve patient safety by empowering clinicians to detect early signs of deterioration in virtually any care setting and enable early intervention and rapid response, all without limiting the patient's freedom of movement. More information on the company can be obtained at www.soterawireless.com or by sending an email to firstname.lastname@example.org.
EDBI (EDB Investments) is a leading strategic investment firm headquartered in Singapore with a worldwide presence investing to drive growth opportunities within the knowledge and innovation-intensive sectors of Biomedical Sciences, Clean Technologies, Internet & Digital Media, as well as other strategic industry clusters with commercial potential. As a value adding investor, EDBI creates sustainable and synergistic partnerships with its portfolio companies, leveraging on its broad network of resources and experience to facilitate the companies' organic growth in Asia and the world, through their operations in Singapore. For more information on EDBI, please visit http://www.edbi.com.
Sotera™ Wireless and ViSi Mobile™ are trademarks of Sotera Wireless, Inc.
SOURCE Sotera Wireless, Inc.