ST. GEORGE, Utah – (COMMERCIAL THREAD) – Praesidium, Inc., a Utah-based company that has developed cutting-edge non-contact vital signs monitoring technology, announced the completion of a $ 6 million Series A preferred share cycle , with an additional line of credit available for use. The round was led by entities controlled by the Wasatch Group, a Utah-based real estate company with a growing venture capital portfolio.
“We are very grateful for the trust Wasatch has placed in us as we continue to implement our vision of transforming the way vital signs are detected in a variety of life-changing and life-saving environments,” said Seth Campbell, Founder and CEO of Praesidium. . “With this fundraising, we will continue to develop this life-changing technology and pursue a commercialization strategy that will allow us to bring category-creating technology to market with far-reaching impact.”
The Wasatch Group is a multi-billion dollar corporation that operates a nationally diversified portfolio, including large and successful investments in real estate development, construction, property management, consumer, business and corporate guarantee capital. Wasatch was founded by Dell Loy Hansen in 1988 and has been headquartered in Utah for over 30 years. With a background in finding and growing high potential companies, Wasatch prides itself on building long-term partnerships to make a positive difference in the lives of others.
Aaron Gerszewski, Vice President of Venture Investments for Wasatch Acquisitions & Capital, said, âWe are delighted to partner with Praesidium as we see wide applicability of non-contact vital signs monitoring with intelligent sleep tracking, child safety, remote patient monitoring and home safety. The convenience and reliability of technology will redefine the way we monitor human vital signs in a variety of settings. We believe the Praesidium team has laid the groundwork for their BioFi technology to be adopted quickly by B2B partners and we are excited to support the next phase of their growth and development.
About the Praesidium:
Praesidium was founded in 2016 to create life sensing technologies that could prevent unnecessary tragedies such as children left in hot vehicles. In partnership with scientists from NASA and MIT over the past 5 years, Praesidium has developed BioFi, a patented and proprietary technology that has the ability to detect human presence and human vital signs without any contact and even through hard surfaces with extremely high precision and precision.