PatientSafe Solutions Closes $20M Series C FundingTuesday, January 8, 2013
San Diego-based PatientSafe Solutions closed a $20 million Series C round of financing led by the Merck Global Health Innovation fund, the strategic investment arm of Merck & Co. Inc. PatientSafe, which develops mobile platforms targeted toward optimizing health care delivery, received further investments from three private equity firms: Baltimore-based Camden Partners, Fort Worth, Texas-based TPG Capital and New York-based Psilos Group.
Proceeds will be used to encourage wide adoption of PatientSafe’s product line in hospitals and health systems. The company developed a series of clinical workflow and documentation and patient-centric care intervention applications. Future products will focus on helping hospitals adhere to meaningful use and value based purchasing guidelines, and help reduce costs for health care systems, the company said in a statement.
The company also announced that Max Kahn, an investment principal at Merck GHI, joined PatientSafe’s board of directors.
“PatientSafe Solutions has the potential to deliver value for hospitals and health systems, with a focus on improving patient outcomes and lowering costs,” Kahn said in a statement. “Merck Global Health Innovation fund continues to establish a portfolio of investments in companies with synergistic capabilities that align well with Merck’s vision for the future of health care.”
—SDBJ Staff Report