EarlySense Ltd., the market leader in contact-free monitoring solutions for the hospital and home, announced today it has signed a partnership agreement with Mitsui & Co., Ltd., one of the largest general trading companies in Japan, with revenues of 55.7 Billion USD and net income of 4,099 Million USD for the year ended March 31st, 2014. Under the terms of the agreement, EarlySense will exclusively partner with Mitsui in the Japanese market to bring the EarlySense continuous, patient monitoring solution to hospitals as well as the wellness/sleep improvement product to homes.
As part of the agreement, Mitsui has invested $5 million in EarlySense, bringing the F round financing to $25 million. Other investors that have contributed significantly to this round include Samsung, Pitango Venture Capital, Welch Allyn, JK&B, Proseed and Noaber.
Mr. Jun-ichi Shibuta, General Manager, Social IT Platform Division at Mitsui & Co., Ltd. said, "The Japanese market has a strong need for advanced healthcare IT solutions to deal with the changing demographics. We have invested several years in studying the market and the various technologies that could answer this need. We found EarlySense and its successful and proven patient monitoring solution to be an excellent fit with the needs of the market. In partnership with EarlySense, we can now considerably improve the health and wellness of millions of people in Japan."
Mr. Ittai Harel, General Partner at Pitango VC and Chairman of EarlySense's Board of Directors, said, "EarlySense, like many Israeli technology companies, is seeing more and more opportunities for accelerated growth in the Asian markets. In approaching these markets, strong and synergistic partners are critically important. We could not have asked for a better partner for the Japanese market than Mitsui."
Avner Halperin, CEO of Earlysense said, "We are proud and honored to have Mitsui as our business partner and as a significant investor. Mitsui's dominant position in Japan will open many doors in this critically important market. Mitsui's addition to our growing list of prominent partners is also further proof, that with our contact-free sensor, EarlySense is strategically positioned to become the standard for health and wellness."
About Mitsui & Co. Ltd.
Utilizing our global operating locations, network and information resources, we are multilaterally pursuing business that ranges from product sales, worldwide logistics and financing, through to the development of major international infrastructure and other projects in the following fields: Iron & Steel Products, Mineral & Metal Resources, Infrastructure Projects, Integrated Transportation Systems, Chemicals, Energy, Food Resources, Food Products & Services, Consumer Services, Innovation & Corporate Development Businesses.