ST. GEORGE, Utah--(BUSINESS WIRE)--Praesidium, Inc., a Utah-based company that has developed cutting-edge, non-contact vital sign monitoring technology, announced the closing of a $6 million Series A preferred stock round, 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 portfolio.
“We are very thankful for the confidence that Wasatch has placed in us as we continue to execute our vision of transforming the way vital signs are detected in a variety of life-changing and life-saving environments,” said Praesidium founder and CEO Seth Campbell. “With this round of capital, we will continue developing this life changing technology and pursue a commercialization strategy that will allow us to bring to market a category-creating technology with wide-reaching impact.”
The Wasatch Group is a multi-billion-dollar company that operates a diversified portfolio on a national level, including significant and successful investments in real estate development, construction, property management, consumer, business-to-business, and guaranty capital companies. Wasatch was founded by Dell Loy Hansen in 1988 and has been headquartered in Utah for more than 30 years. With a track record of 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, VP of Venture Investments for Wasatch Acquisitions & Capital said, “We are excited to partner with Praesidium as we see broad applicability of non-contact vital sign monitoring with smart sleep tracking, child safety, remote patient monitoring, and home security. The convenience and reliability of the 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 rapidly by B2B partners and we are excited to support the next phase of their growth and development.”
Praesidium was founded in 2016 to create life detection technologies that could prevent unnecessary tragedy such as children left in hot vehicles. Partnering with scientists from NASA and MIT over the last 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 accuracy and precision.