Outset Medical, a US-based mobile dialysis machine developer backed by medical device producer Baxter International, has secured $125m in a series E round led by investment firm D1 Capital Partners.
Financial services and investment group Fidelity Management and Research also took part in the round, as did investment management firm Partner Fund Management, hedge fund sponsor Perceptive Advisors and funds advised by asset manager T. Rowe Price Associates.
Founded as Home Dialysis Plus in 2003, Outset has created a fully integrated dialysis machine called Tablo (pictured) that only requires an electrical plug and tap water to run, making it possible to be used across a wide array of care settings.
The series E funding has been allocated to expanding Tablo’s commercial rollout across the US, where it has received regulatory clearance and won a government contract to be deployed in communities hit by natural disasters. The company has now disclosed a total of more than $434m in funding.
Baxter’s corporate venture capital unit, Baxter Ventures, contributed to a $132m series D round in 2018 that was led by Abu Dhabi state-owned firm Mubadala Investment and backed by returning investors Fidelity, Partner Fund Management, Perceptive Advisors, Warburg Pincus and funds advised by T. Rowe Price.
Outset’s early investors also include CRG and Vertical Group. Baxter Ventures was identified as an existing backer at the time of the series D round, but details of its previous involvement could not be ascertained.
Image courtesy of Outset Medical.
