A Medical Device Daily

Awarepoint (San Diego), a maker of real-time location systems (RTLS) for U.S. hospitals, said it has raised $10 million of expansion capital led by Jafco Ventures (Palo Alto, California), and joined by existing investors, Cardinal Partners (Princeton, New Jersey), and Venrock Associates (Palo Alto, California).

“We are very excited to be a part of the Awarepoint team. Awarepoint's dramatic growth, seasoned management team and focus on customer success make it truly unique in the RTLS market. We look forward to supporting the company's continued growth and market leadership in creating an outstanding company for the long haul,“ said Jafco's general partner Tom Mawhinney.

The capital infusion will be used to accelerate Awarepoint's development of new technology, products and client success capabilities. As part of the financing, Mawhinney of Jafco Ventures will take a seat on Awarepoint's board.

Awarepoint offers location, status, condition and movement visibility of both equipment and people, allowing for real-time remote monitoring of critical resources in hospitals. Awarepoint's networked Real-time Awareness Solutions include its ZigBee wireless mesh network, application software, firmware, connectivity bridges and multipurpose tag form factors to support asset and people tracking and condition-sensing applications (e.g., temperature monitoring and autoclave cycles).

ZigBee is the wireless language connecting dramatically different devices to work together and enhance everyday life. The ZigBee Alliance is a non-profit association of more than 300 member companies driving development of ZigBee wireless technology.

In other financings news, Tech Coast Angels (TCA; Irvine, California), an angel investment network, completed seven rounds of new investment deals and 17 follow-on deals in 2009, raising $4.7 million through direct Tech Coast Angels investment and an additional $57 million through other sources of venture capital and angel capital for the network's entrepreneurial companies.

A number of the invested companies in 2009 were in the high technology arena, a TCA focus, however many other markets were represented. Young companies in entertainment, industrial applications, retail, communications, healthcare, biotechnology and even home improvement received investment dollars.

According to Richard Sudek, TCA chairman, “We want entrepreneurs to know that there is still a vibrant investment environment in Southern California. We take our responsibility to foster and develop new enterprises very seriously.“

While the total investment money available in 2009 declined from the previous year and fewer new deals were completed, 2009 actually saw an increase in the number of follow-on investments. Sudek said, “Clearly our members feel deeply committed to our invested companies and believe in their growth. We not only continue to raise money for them, we also provide day-to-day operating assistance and mentoring that company executives tell us often make the biggest difference in their success.“