ClearCount announces closing of $5 million Series B financing round

ClearCount Medical Solutions, an innovator of patient safety solutions for the operating room, announced today the close of its $5M Series B financing round. The company will use the funds to drive market penetration and research and development of its RFID-based solutions for hospital patient safety applications. ClearCount has developed the first FDA-cleared sponge counting and detection solution. The round was supported by both new and existing shareholders with participation by its leading shareholder, Draper Triangle Ventures, Midwestern-based Network Partner of Draper Fisher Jurvetson (DFJ).

“ClearCount's patented RFID technology and offerings are more relevant than ever”

"Thanks to the strong backing of our investors, this past year ClearCount completed a valuable distribution deal, signed major new customers and introduced an important new product that is making surgical procedures safer every day," said David Palmer, CEO of ClearCount Medical Solutions.

"ClearCount's patented RFID technology and offerings are more relevant than ever," said Mike Stubler, Managing Director of Draper Triangle. "As improving the quality of healthcare continues to be a national focus, solutions that can also impact the efficiency and value a hospital offers its patients are sure to be adopted. ClearCount has shown this is true with its track record of customer and partnership wins."

Retained sponges are the most frequent and dangerous of retained surgical items (RSIs), a "Never Event" resulting in non-payment to hospitals and significant risk to patients. A large multicenter trial recently demonstrated that as little as a 30 minute surgical delay can nearly double the risk of infectious complications - every minute counts. By eliminating preventable hospital costs and delays associated with RSIs, including additional surgery and infection costs, litigation, unnecessary X-rays and anesthesia, ClearCount's products can provide hospitals an improved reputation at a rapid rate of return on investment.