Menlo Park – San Diego, CA – August 15, 2005 – 3i, an international venture capital and private equity firm, in partnership with Sanderling Ventures, today announced the closing of a $3 million Series-A financing round in Triage Wireless (‘Triage’). Founded in 2004, Triage is a San Diego-based manufacturer of medical devices. The company has developed a technology platform, called the AdvancedBPM System™, that measures blood pressure along with other vital signs without using a cuff.
The AdvancedBPM System™ System offers an accurate, cost-effective method for collecting and transmitting medical information wirelessly to a website for continuous monitoring, alarms, and connection into information-management systems. Three unique product lines leverage this technology: 1) a low-cost product for cardiac disease management; 2) a 24-hour ambulatory monitor; and 3) an in-hospital monitor.
"Conventional blood pressure monitors, especially 24-hour ambulatory monitors, are uncomfortable to wear and typically ineffective at continuous monitoring, particularly during work and sleep," said Matthew Banet, CEO of Triage. "Our AdvancedBPM System™ offers tremendous benefits to at-risk patients, as well as to an aging population experiencing escalating healthcare costs, and looking to reduce doctor visits and enhance self-care."
"Hypertension affects close to 90 million Americans, and about 1 billion individuals worldwide," noted David Aslin, partner with 3i, "but the shortcomings of conventional cuff-based blood pressure monitoring make it difficult to detect and monitor. Triage’s AdvancedBPM System™ combines wireless, sensor, and Internet technologies in the medical field—areas in which we have significant expertise. The company has an extraordinary team with a platform that can be applied to multiple clinical applications—we look forward to supporting Triage’s growth."
Tim Wollaeger, Managing Director of Sanderling, said, "We are pleased to make one of the first investments from our new $420 million fund, Sanderling VI, with the Triage management team and 3i."
The AdvancedBPM System™ measures a number of biometric parameters from a single, disposable patch sensor, and then uses this information to calculate blood pressure and other vital signs. Here’s how this technology works in the 24-hour ambulatory monitor:
A comfortable patch sensor is worn during a patient's sleep and day-to-day activities and makes continuous, cuff-less measurements
A mobile device receives data from the sensor and wirelessly sends information to a secure website
The website provides prescribing physicians with comprehensive information for the diagnosis and management of hypertension
Triage’s products also help detect White Coat Syndrome, provide insight into how patients respond to medical treatment, and have the potential to diagnose a myriad of cardiovascular diseases and other serious medical conditions. 16 U.S. utility patent applications protect this technology.
Concurrent with the funding, David Aslin, partner with 3i, Tim Wollaeger and Tim Mills, managing directors with Sanderling Ventures, will join Triage’s Board of Directors.
Proceeds from this financing will be used for continued device development and pursuit of regulatory clearance from the FDA.
"The system has incredible potential," concluded Robert Murad, MD, Head of Internal Medicine at Scripps Medical Clinic and Chief Medical Officer of Triage, "in the future, AdvancedBPM System™ may be used for patients with CHF, sleep apnea, pneumonia and cardiac arrhythmias."
About Triage Wireless
Triage Wireless (www.triagewireless.com) is an early-stage company, based in San Diego, CA, founded in 2004 to develop novel solutions for monitoring blood pressure without using a conventional cuff. Triage’s proprietary platform, called the AdvancedBPM System™, merges innovative sensor and signal-processing technologies with next-generation wireless and Internet systems to make this novel measurement. The result is a solution that helps patients and medical professionals effectively diagnose and manage hypertension, a disease that affects an estimated 90 million Americans, and nearly 1 billion worldwide.
3i is a leading international venture capital and private equity firm that was founded in 1945 to invest in buyouts, growth capital and venture capital in order to create market-leading companies. Since its inception, 3i has invested over $32 billion worldwide and has a total staff of 700 employees operating out of 28 offices in 14 countries.
In the U.S., 3i invests in both early and late stage technology companies in the software, communications, semiconductor and healthcare sectors. 3i partners leverage over 150 years of investing and operating experience and a global network to create value for their portfolio and investment partners. With a proven track record and knowledge of venture capital investing, 3i provides hands on support and guidance in building and scaling successful businesses. Visit 3i and its portfolio at www.3i.com.
About Sanderling Ventures
Founded in 1979, Sanderling is among the oldest investment firms dedicated to building new biomedical companies. Sanderling demonstrates that significant companies are best built in close working partnerships with entrepreneurs.
Sanderling's unique approach combines a specialized investment focus with active management and long-term commitment to ensure the highest rates-of-return for both its entrepreneurs and investors. Sanderling has offices in both San Diego and San Mateo. For more information on Sanderling Ventures and its portfolios please visit www.sanderling.com.
Tel: (650) 799-3796
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Triage Wireless Secures $3M Series A Investment led by Sanderling and 3i
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