Ceribell Announces Completion Of $35 Million Series B Financing
Proceeds will be used to expand commercialization of its innovative Rapid Response EEG System to improve the diagnosis and treatment of patients at risk for seizures
MOUNTAIN VIEW, Calif., Sept. 25, 2018 /PRNewswire/ -- Ceribell, Inc. announced today that the company has completed a $35 million Series B financing led by new investors Optimas Capital Partners Fund and The Rise Fund with participation by UCB and LivaNova.
"We are extremely pleased to have such a strong and diverse syndicate with leaders from pharma, medical device, and best-in-class healthcare investors," said Jane Chao, Ph.D., co-founder and CEO of Ceribell.
The financing provides Ceribell with capital to expand the commercialization of its innovative Rapid Response EEG system. The Ceribell technology platform is designed to address the need for faster diagnosis of patients with suspicion of seizure to enable clinicians to make appropriate treatment decisions. Due to limitations with current EEG systems which can take hours to days, clinicians are expected to treat patients with a lack of information which leads to both overtreatment and undertreatment. This is costly to the healthcare system and puts patients at risk for long-term brain damage or even death.
"Ceribell is transforming how we monitor and diagnose seizures in ICU and ED patients that are at highest risk for poor outcomes. Early and accurate treatment of seizure patients is critical for patients' outcomes, and Ceribell provides the tools to enable early and accurate diagnosis. We believe that Ceribell's groundbreaking innovations will not only save more lives, but also significantly improve the quality of life for patients," said Yongzhi Jiang, Partner and Chief Investment Officer at Optimas.
The Ceribell EEG System consists of a disposable headband and a mobile recorder that acquires and transmits data to a HIPAA compliant cloud portal for a specialist to review the patient's EEG from anywhere. The system can be set up in minutes by any healthcare provider and allows for bedside triage by the treating physician by using the proprietary Brain Stethoscope feature which converts EEG signals to sound.
"Ceribell's unique approach combining user-centric design, AI data analytics, and digital health has the potential to revolutionize how clinicians monitor for seizures and minimize the time from seizure onset to treatment. This platform can not only have a significant positive impact on the health and treatment of patients in the United States, but also more broadly across the world where EEG and trained neurologists are not available," added Heath Lukatch, Partner at TPG.
"We started our mission because we saw how seizure patients in the ICU and ED in even the best US hospitals suffered from delayed treatment due to lack of EEG. Some suffered major neurological deficits while others simply didn't make it. We are excited to see visionary pioneer health care practitioners already adopting our technology and transforming their EEG capability. We are excited to have the funds to reach more hospitals and help them significantly improve patient care," said Jane Chao.
About Ceribell
Ceribell, Inc. (www.ceribell.com), is headquartered in Mountain View, CA. Ceribell is focused on making EEG widely available, more efficient, and more cost-effective to improve the diagnosis and treatment of patients at risk for seizures. The Ceribell EEG System received FDA 510(k) clearance in 2017 and is commercially available in the United States.
About Optimas Capital Partners Fund
With offices in Hong Kong, Optimas Capital is a growth-oriented, technology-focused global alternative investment platform. The Fund seeks to identify and invest in market-leading businesses located in North America and Europe, and utilizes its unique access to industry network, particularly in Asia, to create synergy and accelerate growth. Since its inception, Optimas Capital has already established an excellent track record investing in cutting-edge technology in areas including advanced manufacturing equipment, innovative medical device, internet of things, and artificial intelligence.
About The Rise Fund
The Rise Fund is the world's largest global fund committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns —what we call "complete returns." The Rise Fund is managed by TPG Growth, the global growth equity and middle market buyout platform of alternative asset firm TPG. The Rise Fund is led by a group of influential thought leaders with a deep personal and professional commitment to driving social and environmental progress. The board includes: Bill McGlashan, TPG Growth Founder and Managing partner; Bono, Jeff Skoll, Mo Ibrahim, Laurene Powell Jobs, Anand Mahindra and Pierre Omidyar. The Rise Fund's objectives align with the U.N.'s Sustainable Development Goals. The Rise Fund invests in education, energy, food and agriculture, financial services, growth infrastructure, healthcare, and technology, media, and telecommunications companies that deliver complete returns. For more information, visit therisefund.com.
About UCB
UCB, Brussels, Belgium (www.ucb.com) is a global biopharmaceutical company focused on the discovery and development of innovative medicines and solutions to transform the lives of people living with severe diseases of the immune system or of the central nervous system. With more than 7 500 people in approximately 40 countries, the company generated revenue of € 4.5 billion in 2017. UCB is listed on Euronext Brussels (symbol: UCB). Follow us on Twitter: @UCB_news
About LivaNova
LivaNova PLC is a global medical technology company built on nearly five decades of experience and a relentless commitment to improve the lives of patients around the world. LivaNova's advanced technologies and breakthrough treatments provide meaningful solutions for the benefit of patients, healthcare professionals and healthcare systems. Headquartered in London, LivaNova has a presence in more than 100 countries worldwide. The Company currently employs approximately 4,000 employees. LivaNova operates as two businesses: Cardiac Surgery and Neuromodulation, with operating headquarters in Mirandola (Italy) and Houston (U.S.), respectively.
For more information, please visit www.livanova.com.
SOURCE Ceribell, Inc.
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