CalmWave Raises $5.25 Million from Third Prime and Investor Syndicate to Fuel Expansion in Health Systems
CalmWave will use the capital to accelerate growth with its new and existing channel partnerships
November 20, 2024 09:00 AM Eastern Standard Time
SEATTLE–(BUSINESS WIRE)–CalmWave, the creator of the Quiet ICU, today announced that it has closed a $5.25 million financing round led by Third Prime with participation from Catalyst by Wellstar, Silver Circle, Rebellion, Impulsum, and existing investors Bonfire Ventures, Tau Ventures, and Hike Ventures. CalmWave will use the new capital to accelerate market penetration and strengthen and expand its GPO channel partnerships, including Premier, Inc. and Partners Coop.
“We have strong momentum, and now, with this new investment, we are moving quickly to rapidly expand to additional hospital systems.”Post this
CalmWave is the first effective solution to address the endemic problem of alarm fatigue in Intensive Care Units (ICUs). Non-actionable alarms are alerts triggered by monitoring systems that do not require immediate intervention or clinical response. Such alarms make up 80-99% of alarms in ICUs, which is a primary cause of alarm fatigue. Alarm fatigue occurs when the constant flood of alarms overwhelms both clinicians and patients. This constant barrage of alarms not only heightens the risk of negative outcomes like ICU delirium, but it also strains healthcare staff, impacting overall patient care.
“We are dedicated to objectively improving healthcare, starting with eliminating non-actionable alarms in ICUs. We have demonstrated a 58% reduction in non-actionable alarms and increased safety in our retrospective analysis of one of our charter customer’s Cardiac Care units,” said Ophir Ronen, founder and CEO, CalmWave. “We have strong momentum, and now, with this new investment, we are moving quickly to rapidly expand to additional hospital systems.”
The CalmWave Operations Platform uses “Transparent AI,” which makes the reasoning and data behind its conclusions fully visible. This approach empowers healthcare organizations to optimize operations and confirm they are making well-informed, data-driven decisions. To feed its models, CalmWave uses a hospital’s retrospective and real-time patient data, such as vital signs, interventions, and medication administration, to provide objective recommendations for reducing alarm fatigue. Implementing these recommendations by nursing staff improves the clinical work environment and patient care.
“CalmWave is driving rapid innovation in an industry that has long been seeking a solution but has been slow to evolve. Ophir is an accomplished leader and has assembled an outstanding team with unique expertise in deep technology and big data,” said Keith Hamlin, co-founder and General Partner of Third Prime. “CalmWave has built a world-class SaaS platform very quickly. The company’s vision to create the quiet ICU is a springboard towards highly optimized, data-driven hospital operations.”
About CalmWave
CalmWave’s mission is to objectively improve healthcare, starting with safely eliminating non-actionable alarms. Alarms triggered by bedside monitoring systems that do not require immediate intervention or clinical response comprise 80-99% of all audible alarms in ICUs. These non-actionable alarms contribute to a well-recognized and widespread issue known as alarm fatigue. Alarm fatigue exists in every hospital and is rampant in the modern healthcare system. It is a great stressor for clinicians and patients, ultimately impacting patient outcomes and staff retention. Using Transparent AI, CalmWave outlines the rationale behind each optimized setting, empowering a hospital’s nursing staff to evaluate and implement optimized alarm limit recommendations in the monitor at the patient’s bedside. Implementing CalmWave remediates alarm fatigue and can improve staff retention and patient outcomes. Visit CalmWave.ai for more information, and follow us on LinkedIn and X.
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