Gauss Surgical has raised $12.6 million in Series B financing, bringing its total funding to $24.6 million. Providence Ventures, the investment arm of Providence Health & Services, led the round, with participation from Jump Capital, Promus Ventures, LifeForce Ventures, Summation Health Ventures, and the Stanford-StartX Fund.
As part of the deal, the company’s Board of Directors elected two new members, Daniel Galles from Providence Ventures and Mike Collett, founder and managing partner of Promus Ventures. Also, Dr. Garrett Vygantas, partner at Jump Capital, will join as Board Observer.
Triton scans surgical sponges and blood-bearing canisters during medical procedures to provide real-time blood loss assessments.Los Altos, California-based Gauss Surgical has developed the technology that can estimate the surgical blood loss in canisters that hold blood. The system consists of an iPad app and cloud-based software that scans surgical sponges and blood-bearing canisters during medical procedures to provide real-time blood loss assessments.
“Triton is the future of blood loss monitoring,” said Galles. “We are confident it will play a huge role in improving patient outcomes and provide the healthcare system millions of dollars in cost savings.”
Transfusions are the most commonly billed in-patient procedures at U.S. hospitals, accounting for $15 billion in direct cost every year. However, approximately 88 percent of all transfusions either resulted in harm or showed no benefit to the patient, according to the Society for the Advancement of Blood Management.
At the moment, intraoperative blood loss is visually estimated, which is known to be inaccurate and can result in inappropriate transfusion when overestimated.
Gauss Surgical’s Triton Canister system got the CE mark in November 2015, and has scored the FDA 510(k) clearance in March of the same year.