EarlySense is preparing a Nasdaq IPO in the near future. The company took part today in the "From Seed to IPO" conference in Tel Aviv held by the IVC database and the Tel Aviv Stock Exchange (TASE), together with the S. Horowitz & Co. law firm, and was presented as a "company on the verge of an IPO."
EarlySense has developed and markets a device placed under the mattress on a patient's bed, or under a chair cushion. The device makes it possible to monitor the patient's situation without any physical contact, and issues a warning of any deterioration. Managed by CEO Avner Halperin, the company has already been marketing its products in the US market, and its sales apparently exceed $10 million.
The company signed two cooperation agreements last year: one with Samsung for the development and marketing of new products, and the other with Japanese company Mitsui, one of the largest commercial trade companies in Japan, for the purpose of jointly achieving penetration of the Japanese market with EarlySense's existing products. Mitsui and Samsung also participated in EarlySense's most recent $25 million financing round, closed in early 2015. Other participants in the round included venture capital funds Pitango Venture Capital, Noaber, JK&B, ProSeed Venture Capital Fund (TASE:PRSD), and the Makov family's Orange Blossom Ventures (OBV) fund, as well as medical equipment company Welch Allyn, a veteran partner of EarlySense. This round brought the total amount raised by EarlySense to date to $88 million.
With the closing of its most recent round, EarlySense said that its products were already being used by 250,000 people, and were now being sold to hospitals and retirement homes. The company added that it also expected to enter the home monitoring market in the very near future with both products developed in cooperation with Samsung and independently developed products. Since its monitoring system is non-invasive, being placed under the patient's bed without touching him at all, Halperin believes that it can be marketed not only as a treatment for patients released from the hospital, but also to adults not classified as patients, but who are at risk of deterioration, due to their age.
Published by Globes [online], Israel business news - www.globes-online.com - on June 18, 2015
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