Bangalore: San Jose based startup Outset Medical raises $91 million in equity and debt funding. The $51 million equity round of financing was led by new investor Fidelity Research and Management Company along with its existing investors Warburg Pincus and The Vertical Group. However, $40 million debt financing was led by new investors Partner Fund Management LP, Perceptive Advisors and CRG. The company will deploy the new funding to begin a controlled commercial introduction this year and continue to enlarge FDA clearance to allow patients to utilize the system at home.
Founded in 2007 by Leslie Trigg, Outset Medical aims to improve not only the care experience for patients, families, providers and physicians but also cost-efficiencies for providers. Today, the company provides the Table System, which combines wireless connectivity and real time integrated water purification to generate a 35-inch dialysis clinic on wheels. Designed to look and feel more like a consumer product than a medical device, Tablo’s small size, color and form factor are intended to minimize patient apprehension and build confidence and competence. Tablo has been cleared by the U.S. Food and Drug Administration (FDA) for use in acute and chronic care settings such as dialysis clinics and hospitals.
Speaking about the funding, Leslie Trigg, CEO, Outset Medical says, “We are gratified by the strong showing of support from existing and new investors who share our vision of expanding where, how and who can perform hemodialysis. Today, hemodialysis is labor-intensive and expensive to provide, and many patients lack flexibility and control over the experience. Tablo uniquely enables new care delivery models that may offer significant cost reduction opportunities for providers while substantially improving the experience for patients.”