Outset Medical announced it received $76.5 million in Series C equity funding. A new investor, funds advised by T. Rowe Price Associates Inc., led the round, which also included participation from existing investors Fidelity Management & Research Company, Partner Fund Management LP, Warburg Pincus, Perceptive Advisors and The Vertical Group.
Outset’s technology, the Tablo Hemodialysis System, is aimed at clinics who want to develop the self-care option for patients. It can also be used in hospitals and skilled nursing facilities.
The company will use proceeds from the financing to expand the commercial introduction of the Tablo System in acute and chronic care markets in the United States.
Tablo uses sensor-based automation, wireless data transmission and a touchscreen interface. The company said it was created to feel and function more like a consumer product than a medical device.
Tablo connects directly to regular tap water, purifies it on demand, and generates streaming dialysis fluid in real-time, while the patient is dialyzing.
“Physicians and patients are excited about our technology, which meaningfully upgrades the patient’s treatment experience and offers a new avenue for cost reduction in a historically labor-intensive, infrastructure-intensive area of healthcare,” said Leslie Trigg, Outset Medical’s CEO. “This funding will provide the resources needed to scale our launch and brings us a step closer to making a significant and lasting impact on dialysis care.”