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PatientSafe Inks $20M Series C Round

2013-01-07
SAN DIEGO, CA, Privately held company today announced that it has closed a $20 million Series C round of financing led by the Merck Global Health Innovation (GHI) fund.
PatientSafe Solutions, a privately held company, today announced that it has closed a $20 million Series C round of financing led by the Merck Global Health Innovation (GHI) fund and with participation from investors including Camden Partners, TPG Capital, and Psilos Group. PatientSafe also announced that Max Kahn, an investment principal at Merck GHI, has joined PatientSafe's Board of Directors.

Proceeds from the financing will be used to drive hospital and health system adoption of PatientSafe's smart point-of-care mobile solutions that enhance patient safety, optimize EMR investment, and increase clinician efficiency and satisfaction, while helping organizations succeed in the accountable care era. PatientSafe's product offering, the PatientTouch™ platform, includes a series of clinical workflow and documentation applications that encompasses barcode positive patient identification (PPID), patient centric care interventions, clinical communications, and collaboration. Future planned mobile products will focus on delivering more value for hospitals under Meaningful Use guidelines, Value-Based Purchasing programs, and cost removal for health care systems.

"PatientSafe is redefining point-of-care by fulfilling health information technology's promise of delivering measurable value across safety, quality, and efficiency of care throughout the continuum," said Joe Condurso, President and CEO of the company. "This Series C round is an affirmation of our vision and strategy to move healthcare forward by arming providers with real-time actionable data and making care team workflows easier and more productive. I am delighted to work with Max Kahn and the Merck GHI team to build an open ecosystem of partners to continue to serve our current and future clients across all settings."

Series C lead investor Merck Global Health Innovation (GHI) is a strategic investment arm of the global healthcare leader, Merck & Co. Inc. GHI seeks to invest in breakthrough healthcare innovations that are adjacent to Merck's core healthcare businesses.

An investment principal at Merck GHI, Max Kahn brings twenty years of experience in healthcare and insurance, small company investing, business development, and strategy creation and implementation to PatientSafe's board of directors.

"PatientSafe Solutions has the potential to deliver value for hospitals and health systems, with a focus on improving patient outcomes and lowering costs," said Max Kahn. "Merck Global Health Innovation fund continues to establish a portfolio of investments in companies with synergistic capabilities that align well with Merck's vision for the future of healthcare."

About PatientSafe Solutions

PatientSafe Solutions, based in San Diego, California, is leading the way in smart point-of-care mobile solutions and innovating technologies for the future of accountable care. Its flagship product, PatientTouch™, delivers measureable safety and quality improvement by making care team workflows easier and more productive. PatientSafe Solutions was named one of Wall Street Journal's Top 50 Venture-Backed Companies in 2011 and 2012, ranked #2 in Wall Street Journal's Top 10 Venture-Backed Healthcare Companies in 2012, and chosen by Forbes as one of the Top Three Health Technology Companies To Watch in 2012. For more information, please visit the company's website at www.patientsafesolutions.com.
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