Ceribell Announces Completion Of $53 Million Series C Financing
Proceeds will be used to expand commercialization of the Ceribell Rapid Response EEG and support pipeline product development to drive future clinical applications
MOUNTAIN VIEW, Calif., April 29, 2021 /PRNewswire/ -- Ceribell, Inc., innovator of the Rapid Response EEG™, a novel non-invasive brain monitor, announced today the completion of a $53 million Series C financing, co-led by Longitude Capital and The Rise Fund. Other new investors include RA Capital Management, Redmile Group and Red Tree Venture Capital, with additional support from existing shareholders.
The Ceribell® technology platform is designed to address the need for faster diagnosis in patients with suspicion of seizure. The company will use financing proceeds to further expand Ceribell's commercial footprint in emergency departments and intensive care units globally. In addition, Ceribell will continue to leverage the power of machine learning and easy EEG accessibility for other neurological conditions beyond seizure.
"This new round of funding will help bring our seizure detection platform to more patients for better treatment and more hospitals to improve care standards and health economics," said Jane Chao, CEO and Co-Founder of Ceribell. "We're excited to work with a strong group of investors who are committed to Ceribell's mission to transform the way practice is delivered in the critical care setting by making EEG a new vital sign."
Because conventional EEG systems are not designed for rapid diagnosis, receiving actionable information on the occurrence of seizures in the inpatient setting can be delayed by hours or days, putting patients at risk of long-term brain damage or even death. Ceribell's FDA cleared, point of care brain monitor uses real-time cloud computing and the proprietary Clarity™ machine learning algorithm to provide rapid answers at the bedside for immediate and precise treatment.
"Ceribell has demonstrated the strong value of its groundbreaking point of care EEG technology and continues to build on its success among health care providers," said Juliet Bakker, Managing Director and Co-Founder, Longitude Capital. "This is a profound, game-changing opportunity to significantly improve patient care and save lives."
"Through user- and patient-friendly design, AI data analysis, and cloud technology, Ceribell is redefining neurological care and driving positive health care outcomes," said Lucian Iancovici MD, Managing Director at TPG Growth and The Rise Fund. "We are very excited to continue to support the company's momentum and establish the Rapid Response EEG system as the standard of care for patients who experience seizures."
The Rise Fund also co-led Ceribell's Series B financing that closed in September 2018.
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 neurological conditions with the first application for 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 Longitude Capital
Longitude Capital is a leading healthcare venture capital firm that invests in transformative biotechnology, medical technology and health solutions companies seeking to improve clinical outcomes, enhance quality of life, and drive efficiency of healthcare delivery. Founded in 2006, Longitude Capital invests in both privately held and publicly traded companies through a variety of investment approaches. Longitude Capital has offices in Menlo Park, CA, Greenwich, CT, and Boston, MA. For more information, please visit www.longitudecapital.com or LinkedIn.
About The Rise Fund
The Rise Fund is the world's largest global impact platform committed to achieving measurable, positive social and environmental outcomes alongside competitive financial returns. With more than $5 billion in assets under management across its platform, The Rise Fund works with growth-stage, high potential, mission-driven companies that have the power to change the world. Headquartered in San Francisco, The Rise Fund was founded in 2016 by TPG in partnership with Bono and Jeff Skoll and offers deep expertise in business solutions to help achieve the United Nations' Sustainable Development Goals. As part of TPG, The Rise Fund offers investment resources, business-building skills, rigorous measurement and a global network to help portfolio companies accelerate growth and impact. With the ability to invest across a wide variety of sectors and countries at scale, The Rise Fund focuses on opportunities in education, energy, food and agriculture, financial technology, healthcare and technology. For more information, visit www.therisefund.com or @therisefund on Instagram.
SOURCE Ceribell, Inc.
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