PatientSafe Solutions, Inc., a San Diego-based designer of hardware and software patient safety solutions that help to eliminate hospital-based medical errors, has closed $30m in Series B-1 financing.
The round was co-led by TPG Biotech, the science-based venture investment arm of the global private equity firm, TPG Capital, Camden Partners and Psilos Group.
Additional participants included Valhalla Capital along with previous investors Menlo Ventures, American River Ventures, Integral Capital Partners, and Shea Ventures.
The new funds will be used to complete development of the company’s new product, the PatientTouch System, and further commercialize its solutions in the U.S. hospital market.
The PatientTouch System is a new platform aimed at helping hospitals provide a last line of defense against preventable errors, including medication errors, hospital acquired infections and patient falls, at the point-of-care through clinician workflow optimization and patient engagement.
In conjuction with the financing, Keith Grossman, Managing Director of TPG, and Christopher W. Kersey, Managing Member of Camden Partners, join the company’s board of directors.