Lab Sensor Solutions Announces New Funding Round, Appearance at Vator Splash Health in Oakland, CA
Launchpad Digital Health Leads Investment, Joins Board of Directors
SAN FRANCISCO, CA - 2/23/2016 (PRESS RELEASE JET) -- Lab Sensor Solutions (LSStracks.com), a pioneer in sensor networks for the healthcare industry, today announced the initial closing of its latest round of funding. Launchpad Digital Health (launchpdh.com), recently named the #4 digital health investor worldwide by CB Equity, leads the investment, with Launchpad’s CEO, Fred Toney, joining Lab Sensor Solutions' board of directors. Mr. Toney’s extensive background in healthcare and the digital health industry spans two decades, and includes raising over $2 billion in investments and investment banking transactions, as well as public and private company operating experience, including roles of Chairman, CEO and CFO with companies through IPO and M&A transactions.
Lab Sensor Solutions (LSS) will use this current funding to expand sales and support active field trials with major customers. The company’s first product, T-Tracks™, part of the company’s focus on “Sensors as a Service for Healthcare,” is a patent-pending real-time platform solution that monitors perishable materials in transit (like clinical samples, blood products and pharmaceuticals) and alerts customers before items are compromised. The company counts major healthcare networks among its 14 customers and active field trials, and so far touts a 100% conversion rate from trial to paying customer (no trials have ever cancelled). In addition to inside sales, the company has established a distribution partnership with MarketLab, a premier catalog distributor to the healthcare industry, and value added reseller agreements with two major laboratory information system (LIS) providers.
In addition to its recent funding announcement, Lab Sensor Solutions is a competition finalist presenting on stage at Vator Splash Health, a health innovation conference, taking place at Oakland CA’s Kaiser Center Tuesday, February 23rd, 2016. LSS beat out 45 other healthcare companies to be one of six companies invited to present on stage at the event. For more information on the Vator Splash Health conference see: events.vator.tv/splash-health-february-2016/
About Lab Sensor Solutions
Lab Sensor Solutions (LSS) specializes in healthcare sensors that increase patient safety while helping healthcare partners meet regulatory requirements, reduce costs and save lives. LSS sees a big opportunity for sensor networks to positively impact the systems and processes within healthcare. The LSS team has deep experience in the space, where founders previously worked together to solve similar industry problems. The company’s first product, T-Tracks™, is a patent-pending real-time platform solution that monitors perishable materials in transit (like clinical samples, blood and pharmaceuticals) and alerts customers before items are compromised. (http://www.LSStracks.com)
About Launchpad Digital Health
LDH provides seed-stage funding and a unique program that provides more capital, more time and more intensity for its portfolio companies and their founders. Each portfolio company co-locates with the LDH team, alongside other startups in digital health and technology, where they interact with LDH’s founders, partners and mentors as critical business decisions are made to drive the success of their business. LDH founders have funded, operated, and successfully exited healthcare and digital health companies for the past two decades. (http://www.launchpdh.com/)
About Vator Splash Health
Vator is one of the largest business networks and social platforms dedicated to entrepreneurs and investors. Building on the success of its inaugural Splash Health conference in 2015 and its sister “Splash” conferences worldwide, Vator Splash Health will host trailblazing entrepreneurs, CEO’s, angel investors, and VCs to discuss the state of the digital health ecosystem. Vator alumni have raised $675M-plus in follow-on capital. (http://events.vator.tv/splash-health-february-2016/)
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