PatientSafe Solutions, a US-based healthcare technology company whose PatientTouch mobile workflow and communications system for caregivers combines software with customized Apple hardware, has closed a strategic investment from Economic Development Board Investments (EDBI), the corporate investment arm of the Singapore Economic Development Board, bringing its total series C funding to $27m.
The series C round, which was previously announced in December 2012 and January 2013, has been led by Merck Global Health Innovation Fund with participation from Camden Partners, TPG Biotech, and Psilos Group.
The new capital will be used to further US adoption of the PatientTouch system and to expand into the growing Asia Pacific healthcare market. As part of the expansion, the company will consolidate its hardware manufacturing and global supply chain in Singapore.
Swee-Yeok Chu, president and chief executive officer of EDBI, said: “PatientSafe’s innovative smart point-of-care mobile solution is directly aligned with Singapore’s goals of improving patient safety and outcomes while lowering costs. The company’s presence in Singapore will contribute additional momentum to our already-strong climate of health innovation and technology leadership, and will offer a solid foundation for PatientSafe to capitalize on the expansive Asia Pacific healthcare market.”
Joe Condurso, president and chief executive officer of PatientSafe, said: “This funding comes on the heels of our latest product release, several new customer implementations, and the initial strategic financing led by Merck Global Health Innovation Fund announced earlier this year.
“This latest capital is an affirmation of our potential to eliminate harm, reduce waste, and improve clinician productivity on a global scale. We are grateful for EDBI’s support and look forward to strengthening our presence in the growing Asia Pacific healthcare market, as well as leveraging EDBI’s close relationship with local healthcare institutions and partners to deliver smart mobile therapy management at both the individual and the population levels.”