SANTA CLARA, Calif.--(BUSINESS WIRE)--S.E.A. Medical Systems Inc., a healthtech company focused on safety and management of IV medicine, today announced that it closed a $3 million Series B investment with Chicago-based venture capital firm JK&B Capital, which specializes in investments in Information Technologies, healthcare and communication markets. As part of the agreement, Chairman of JK&B Capital David Kronfeld, and Quantum Technology Partners’ Barry Dickman joined S.E.A. Medical’s board of directors. Proceeds from this investment will allow S.E.A. Medical to accelerate development of its IV products and expand its technology into additional medical applications.
“Thousands of people are killed or seriously injured in U.S. hospitals each year when they receive the wrong IV medicine or wrong dosage. S.E.A. Medical is doing something that has never been done before: instantly identifying the actual contents of any IV,” said Michael Weickert, CEO and co-founder of S.E.A. Medical. “We are delighted to have the support of JK&B Capital who understand the power and potential of our technology solution to address patient safety issues and revolutionize medical care.”
“S.E.A. Medical Systems has demonstrated the potential for a novel and dramatic advance in IV medicine,” stated David Kronfeld, Chairman of JK&B Capital. “The company is well positioned to provide disruptive products that improve safety and cost effectiveness of medical care in the coming years.”
“Drug errors are a very serious problem in medicine and it is exciting to finally see a technology that can address some that could not previously be prevented in a new and decisive way,” said David Bates, MD. Dr. Bates is a leading authority on adverse drug events, the mistakes with medicines that injure or kill patients, and is also a member of the S.E.A. Medical board of directors.
About JK&B Capital (www.jkbcapital.com)
Founded in 1996, JK&B Capital is a Chicago-based venture capital firm with more than $1.1 billion under management which focuses on Information Technologies, healthcare and communications. A key to JK&B's success has been its ability to leverage its substantial technology domain expertise to identify, analyze and access the most promising emerging technologies and the companies behind them. JK&B then provides these companies with financial support, strategic guidance and most importantly technical guidance to help them grow and prosper.
About S.E.A. Medical Systems, Inc. (www.seamedical.com)
S.E.A. Medical Systems Inc. is a private healthtech company that pioneers smart solutions for the safe manufacture, preparation, delivery, and disposal of intravenous and other liquid medications. The Company is developing medical devices to catch life-threatening IV drug errors before they harm patients. S.E.A. Medical’s unique technology identifies drugs, concentrations, and diluents in IV fluids, and simultaneously measures flow rate and cumulative dose during IV administration. The Company is also developing its proprietary technology for other medical applications. Based in Santa Clara, CA, the company has been supported by strategic funding and Series A investors including Quantum Technology Partners, New Biology Ventures, and private investors.
About Series A investors
Quantum Technology Partners (www.quantumtp.com) invests in early stage life sciences and technology companies. New Biology Ventures (www.newbiologyventures.com) is an early stage life science investor and venture capital incubator accelerator.