Etiometry Raises $9 Million in Series A-3 Funding to Fuel Business and Leadership Team Expansion, R&D Acceleration, and Clinical Initiatives
Etiometry, a leader in clinical decision-support software for the intensive care environment, announced a fully subscribed $9 million Series A-3 extension raise to fund commercial expansion, accelerate vital research and development, support leadership team expansion, and drive clinical initiatives. This latest round of funding was led by SKK 9i Ventures, with participation from Shamrock Holdings and other healthcare investors. The additional capital comes after significant growth and expansion in 2020 and will be used to help extend use of the company’s software to other hospital care settings.
Clinicians in intensive care units monitor their patients’ vital signs to monitor them for unexpected health events. Etiometry’s software aggregates patients’ vital signs from multiple sources into one streamlined platform to help clinicians understand evolving clinical risks and make data-driven patient care decisions. Etiometry’s technologies are currently in use in more than 20 of the top children’s hospitals in the United States, as ranked by U.S. News & World Report. In addition, last year the company signed several new contracts to bring its technologies into adult ICUs at a number of leading U.S. medical centers.
“Our growth since our last round of funding is a testament to the market’s receptiveness to our decision-support tools,” said Shane Cooke, CEO of Etiometry. “This additional capital will be instrumental in our ability to offer our cutting-edge, innovative technologies to an even wider range of patients across several care settings within the hospital.”
As Etiometry’s footprint expands across hospital departments and around the country, the clinical uses for the software will follow suit. The company obtained its sixth 510(k) clearance from the FDA in 2020 and anticipates its seventh clearance to be granted in the second half of 2021 for new risk algorithms. Additional capital will aid in developing new clinical evidence to further drive the development and refinement of models that power the software.
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“Seeing the value that Etiometry brings to clinicians made the company a clear investment choice for us,” said Dave Shepherd, Managing Member of SKK 9i Ventures. “With the vast number of data points generated by each bed in an ICU, the need for synthesized and streamlined data is evident. Clinicians need technologies like those developed by Etiometry so that they can make the best treatment decisions for their patients. At SKK, we hold strong convictions about the future of the business, the technologies, and the leadership of Etiometry.”
To support the commercial expansion, Etiometry expanded its leadership team with three new hires: Jeff Gaus, VP of Sales, is tasked with driving the growth and scale of the company’s clinical and sales teams; Howard Brick, Chief Strategy Officer, is responsible for assessing and designing strategic growth opportunities to expand Etiometry’s footprint within healthcare systems; and Brad Rosenblum, Chief Financial Officer, will guide the company’s financial direction.