Aethon Inc., which develops robots that deliver and track hospital equipment, has raised $6.6 million in investment funding, according to a statement from the company.
The Pittsburgh company intends to use the money to further develop its robotic products, expand sales and marketing efforts, and break into the European market. About $5.2 million of the fundraise comes from German firm Robert Bosch Venture Capital GmbH. The rest comes from existing investors, according to the statement.
Aethon’s TUG robot can be used by hospitals to deliver and track equipment and supplies such as dietary trays, medications, linens, blood samples, medical records, pharmacy drugs and IV pumps. Aethon says the TUG can negotiate through hallways, elevators, automatic doors and narrow aisles with human traffic.
The robot uses radio frequency identification tags to track and locate equipment. More than 100 hospitals use the TUG, with most on the East Coast or in the Midwest.
Chief Executive Aldo Zini called the investment “a significant milestone” for the company.
In 2008, Aethon raised $14 million, the Pittsburgh Business Times reported. The company has about 70 employees, according to the Business Times.
The company’s existing investors include Trident Capital, Pacific Venture Group, Salix Ventures, Ascension Health Ventures, Radius Ventures, Nexus Medical Partners and Medicis Capital GmbH, according to the statement.
A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The company was founded in 2001. Its name is taken from one of the four horses of ancient Greek mythology that pulls Helios’ chariot–the sun–across the sky each day.
