Via News Release
“Minneapolis (April 27, 2017) — Prevent Biometrics today announced $6.0 million in new financing, marking the successful completion of the company’s Series B round. Prevent has now raised a total of $8.5 million in two rounds of financing. The new capital will be used for additional technical development and to support the launch of its head impact monitoring system.”
Separately, Prevent signed a Joint Technology Agreement with Murata Manufacturing Co. Ltd., a global electronics leader in electronic components, wireless modules and materials, and also deepened its relationship with the Cleveland Clinic.
“We’re excited to have access to the significant resources that Murata and Cleveland Clinic offer, as we continue on the path towards improving sports safety,” said Steve Washburn, co-founder and CEO of Prevent. “The commitment from our business partners is further proof that our strategy is sound and the market potential is huge.”
The multi-year collaborative agreement with Murata will result in design, development and manufacturing advancements, ensuring the Prevent product meets the highest standard for consumer wearable technology. “This collaboration will leverage core technologies from each of our disciplines and help to create an immediate benefit to society,” said Mark Waugh, technology and strategic marketing manager, healthcare, Murata Americas. “Together, we will work to improve the communication, sensing abilities and flexible electronics technologies of the head impact monitor, helping to protect the health and wellness of future athletes.”
CEO Washburn commented on the significance of the new partnership. “Murata is a global leader in electronics componentry, and their products power the most advanced technologies in mobile devices, medical devices and wearables. Prevent, and ultimately athletes everywhere, will benefit immensely from Murata’s expertise in miniaturization technology,” Washburn said.
As a Cleveland Clinic spinoff, Prevent will continue to work with the clinic to support development and commercialization of the Prevent product. In addition, Cleveland Clinic made a direct investment in Prevent’s Series B round.
The current concussion identification process is subjective, observational and ineffective, resulting in an estimated 50 percent of sports concussions going undetected and untreated every year. Prevent’s data-driven system provides an accurate, objective solution to this serious problem.
Embedded in a mouthguard and paired with a mobile app, Prevent’s head impact monitor continually monitors the athlete, collecting every head impact received. If an impact exceeds a preset threshold, a red LED immediately illuminates on the mouthguard and an alert is sent to team personnel through the mobile app.
Designed with youth athletes in mind, the head impact monitor uses a patented algorithm to measure the force, direction and location of head impacts in real-time, providing the most accurate and comprehensive view of athlete hits.
Prevent plans to offer its head impact monitor for athletes ages 11 and older, at $199. The company is targeting a launch later this year in select markets, with plans to introduce the product nationwide by 2018.
About Prevent Biometrics® Inc.
Prevent Biometrics®, a Cleveland Clinic spin-off, was established in 2015 in Minneapolis. The company has developed the first and only concussion impact monitoring technology that accurately monitors potential concussion-causing impacts in real-time. For additional information visit PreventBiometrics.com.
About Murata Manufacturing Co., Ltd.
Murata Manufacturing Co., Ltd is a worldwide leader in the design, manufacture and sale of ceramic-based passive electronic components & solutions, communications modules and power supply modules. Murata is committed to the development of advanced electronic materials and leading edge, multi-functional, high-density modules. The company has employees and manufacturing facilities throughout the world. For more information, visit Murata’s website at www.murata.com.