A Medical Device Daily
Radianse (Lawrence, Massachusetts), a provider of indoor positioning solutions (IPS) for healthcare, reported completing a $6 million Series B financing round.
National Healthcare Services (NHS) led the round, joining returning investors HLM Venture Partners, Partech International, Ascension Health Ventures, Kaiser Permanente National Venture Development and Partners Healthcare.
Radianse said it would use the funds to meet two objectives: marketing of its IPS products, which use active RFID technology to help hospitals immediately locate equipment, patients and staff; and launch of a new application enabling hospitals to act on this information with a greater degree of automation and accuracy.
The result of the latter, it said, will be “dramatically improved patient flow and resource management.“
Radianse systems are deployed in hospitals for asset tracking, process mapping and workflow improvement. Radianse reports more than 12,000 person- and equipment-ID tags in use. By year-end, it said it would have more than 40,000 ID tags shipped to customers.
Mark Sakaniwa, CEO of Radianse, said, “NHS, the investment arm of MemorialCare Health System, is widely recognized for its leadership in healthcare and will bring a valuable perspective to our company as RFID continues to take hold in the industry and prove its value.“
“We are very impressed by the approach Radianse has taken in blending software applications with top-tier active-RFID technology,“ said Gary Vatcher, president of NHS. “In addition to the many multi-departmental implementations already in place, Radianse will have five to six hospital-wide installations by the end of the year. We see some pilots and point projects here and there from other companies in the industry, but to our knowledge, no other company with a similar technology is even close to that level of market adoption.“
Radianse also reported “imminent launch“ of a new application that will advance the company's vision for what it termed “context-sensitive“ medicine. “On a single display, clinicians will be able to view where patients are now, when and where they will be moving, and when and where resources and services such as equipment, beds and laboratory reports are available to support their care,“ it said.
The application will incorporate the Radianse rules-based engine that provides alerts based on analysis of how clinicians, patients and medical equipment move and interact to change the context of care.
Radianse's IPS products use active-RFID tags, LAN-ready receivers and web-based location analysis software to locate medical equipment, patients and staff. Additional software applications extend this integrated view to include beds, ADT, orders, labs and medical equipment, helping hospitals reduce costs and improve efficiencies and safety.
In other financing news,Elbit Medical Imaging (EMI; Tel Aviv, Israel) reported that it has issued to an Israeli investor about NIS 47.6 million of unsecured non-convertible Series A debentures in consideration for NIS 50 million.
These debentures, EMI said, are in addition to the NIS 468 million of Series A debentures and NIS 59 million of Series B debentures issued to Israeli investors between February and June.
The new Series A debentures and the previously issued debentures of the series will be considered as one series for all purposes and have the same terms. The principal terms of the Series A and Series B debentures were announced by EMI on Feb. 21. As with the existing debentures, the newly issued debentures will be listed for trade on the Institutional Retzef, a trading system for institutional investors in Israel.
EMI's activities are divided into three fields: R&D in the image-guided focused ultrasound through its subsidiary, InSightec ; ownership/operation of commercial malls in Europe; ownership/operation of hotels in major European cities and ownership/operation of an entertainment mall in Israel.