SOTERA WIRELESS RAISES $20.3 MILLION IN SERIES B FINANCING ROUND LED BY QUALCOMM VENTURES
March 31, 2008 | Sotera Wireless
Sotera Wireless, Inc. today announced that it closed on a $20.3 million strategic investment round led by Qualcomm Ventures. Other participants in this round included existing investors Sanderling Ventures and 3i Group and new investor, Intel Capital. To date, Sotera Wireless has raised $25.8 million. The new proceeds will be used to fund the commercialization of the Company’s wireless vital signs monitoring system, OmniScan®, which features a novel proprietary method for measuring blood pressure.
“This strategic investment reflects confidence in our OmniScan Technology and its potential for mitigating the risk of medical errors and other adverse events by providing a novel approach to continuous vital signs monitoring,” said Tom Watlington, Chief Executive Officer of Sotera Wireless, Inc. “We are fortunate to have two premier technology companies as participants in this offering and look forward to working with them to advance wireless medical technology.”
“The expanded implementation of monitoring technology in hospitals can not only improve care, but also enhance efficiency,” said Nagraj Kashyap, Senior Director and head of Qualcomm Ventures. “We believe the wireless capabilities of the Sotera technology will make such monitoring practical in both the hospital and the home settings, and we are pleased to participate in this offering.”
About Sotera Wireless, Inc.
Sotera Wireless is a medical device company dedicated to development, marketing and sale of a new generation of vital signs monitoring technology that merges the benefits of wireless body-area network communication (WBAN) with improved biosensors. The first generation of new sensors allow blood pressure measurements to be made continuously for long periods of time without relying on frequent inflations of an arm-worn cuff. With its wireless capabilities, patients do not have to be tethered to the monitor and results can be sent to any wireless network.
OmniScan® is a registered trademark of Sotera Wireless, Inc.