ClearCount Medical Solutions Inc. has raised $1.1 million for a Series B round of investment funding that the company hopes will total $5 million.
The funding was detailed in a regulatory filing and confirmed by CFO Dave Haffner.
The company plans to use its Series B to further support its exclusive (pdf) distribution deal with Medline Industries Inc., which the companies first announced in December.
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To date, the company has raised about $12.5 million. ClearCount’s $3.4 million Series A round last year was led by Pittsburgh’s Draper Triangle Ventures.
Along with other existing investors, Draper also participated in the latest funding and is expected to add more as ClearCount collects more capital in the round, Haffner said.
The latest funding comes in the form of debt, options and warrants. It encompasses funds from 13 investors.
ClearCount’s SmartSponge and SmartWand systems use radio-frequency identification (RFID) technology coupled with chips embedded in sponges to allow surgeons and nurses to count and detect sponges used in operations. The goal is to help hospitals avoid leaving sponges inside patients, a type of so-called “never event” — a serious and costly medical error that should never happen.
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The 22-employee company was founded in 2004.
