RF Surgical Systems, Inc., announced the closing of a $12 million round of fundraising led by new investor Split Rock Partners, a venture capital firm focused on emerging healthcare, software and Internet services companies. Previous investors Menlo Ventures, Stanford University and two of the company founders also participated in the round.
“This new infusion of financing will help drive our continued growth by enabling us to scale operations and continue to evolve to meet the needs of our customers in providing the utmost in patient safety.”
Since the release of the RF Assure Detection System in November 2010, the company has added more than 70 new hospitals and surgical centers to its extensive customer base. Because of the rapid acceptance of the technology in the market place, RF Surgical will use this funding to drive customer growth and product innovation. The company will focus on several strategic initiatives to accelerate market capture including the expansion of the company’s sales and field support team. This funding will also allow the company to intensify key R&D programs such as the development of a market-leading solution to tag surgical instruments and other patient safety-related products.
“We are thrilled with the growing number of new hospital systems, across the country, deploying RF Surgical’s Detection System to mitigate the highly preventable medical error of RSI,” said Dr. Jeffrey Port, co-founder and chairman of RF Surgical. “This new infusion of financing will help drive our continued growth by enabling us to scale operations and continue to evolve to meet the needs of our customers in providing the utmost in patient safety.”
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