EarlySense’s technology allows for continuous (more than 100 times per minute) monitoring of patient heart and respiratory rates without requiring physical contact with the patient.
An early demise: The sad end of Israel’s EarlySense
The company, which developed sensors for hospital beds, fell into debt and went into receivership. The last of the company's employees submitted a request to open proceedings for fear of losing their money. EarlySense’s technology allows for continuous (more than 100 times per minute) monitoring of patient heart and respiratory rates without requiring physical contact with the patient. In addition, the technology alerts health professionals to potential patient deterioration events much earlier than traditional monitoring methods do. This technology is the core of EarlySense remote patient monitoring devices and helps bring hospital-grade patient analytics to care settings that are outside traditional hospital facilities.
EarlySense, which developed sensors for hospital beds, was founded in 2004 by Dr. Danny Lange, Guy Sher, Yossi Gross, and Avner Halperin and raised a total of $150 million.
In February 2021, the company sold the rights to use its technology to the American medical technology giant Hillrom (which was later sold to Baxter). In the deal, Hilrom received exclusive rights to sell and use the Israeli company's technology in hospitals all over the world and gave up a significant part of its holdings.
According to the application for the collection of the assets, since the sale of the activity, the company has not been able to market and sell its products. Most of the capital that the company received from Hilrom was used for credit repayment and the rest for unsuccessful marketing and sales attempts. A former executive at EarlySense told: "The company had two goals: to generate a good business and to save patients. The system treated ten million patients and saved many, but it failed in its business model."
Up until the deal which was signed in February, Hillrom was the largest shareholder in the Israeli company. Additional investors include the Wells Fargo Strategic Capital fund, BlueRed Argos, Hotung Venture Capital, JK&B Capital, and Pitango VC. Noaber Ventures was one of the first investors and a minority shareholder.