Mint Solutions bags Series A funds

Mint Solutions said Tuesday that it has secured 4.425 million euros in Series A financing. The investors included Life Sciences Partners and Seventure Partners. In conjunction with the funding, Anne Portwich of LSP and Eric de La Fortelle of Seventure Partners have been added to Mint Solutions’ board of directors. Mint Solutions is is a developer of MedEye, which helps patients get the right medication at the right time.

PRESS RELEASE

Amsterdam , the Netherlands, July 8 2014 – Mint Solutions Holding BV (Mint Solutions) has raised EUR 4.425 million in Series A funding led by Life Sciences Partners (LSP) and co-led by Seventure Partners with participation from existing investors. As part of this investment the company will relocate headquarters to the Netherlands to further grow sales of their flagship MedEye product.

MedEye is a revolutionary approach to prevent medication errors in hospitals and improve efficiency. MedEye has already been deployed in the Netherlands with further roll-outs planned there, the UK and Germany.

With innovative hardware and software, MedEye seamlessly integrates into existing hospital infrastructure, and provides a complete solution for hospitals and nurses to ensure that all medications – from tablets to syringes – are correctly administered to the right patient at the right time. Medication errors are the most frequent medical errors in hospitals. With increased focus on addressing both patient safety and rising healthcare costs, hospitals see opportunities to improve quality of care and lower costs by implementing IT systems that provide immediate value. MedEye is focused on addressing this opportunity and providing hospitals with a clear business case for implementation.

“This financing is a significant milestone for Mint Solutions”, said Gauti Reynisson, CEO and co-founder of Mint Solutions. “Response from hospitals has been very strong with many reaching out directly to us to learn more about MedEye. We now have the opportunity to get MedEye in the hands of nurses in a number of European hospitals. Our starting focus is on the Netherlands, where we participated in the Startupbootcamp HighTechXL, a leading accelerator program in Eindhoven. We have also decided to set up our headquarters here to take advantage of the positive response we have been seeing over the last 12 months. We’ve built a strong technical team with graduates from MIT, Harvard, Chalmers, and Stanford and are looking forward to building up our sales, deployment, and support capacity.”

Anne Portwich, Partner at LSP, comments: “Mint Solutions provides a comprehensive system to the huge problem of medication safety in the hospital setting. Besides being able to cover 100% of all medication, the MedEye system is also very easy to implement and use, removing many of the hurdles that alternatives have faced. We are excited to back Mint Solutions and look forward to working with the company’s energetic and ambitious team.”

Seventure Venture Partner Eric de La Fortelle noted that: “Mint Solutions is positioned to help hospitals worldwide achieve better delivery of care by optimizing an important process: the delivery of medicines to patients. This is a topic of utmost importance. Mint has both the technology and the network with hospitals and with payers to rapidly implement their solutions for the benefit of patients.”

Anne Portwich and Eric de La Fortelle will join Mint Solutions’ Board of Directors.

About Mint Solutions
Mint Solutions builds tools to help nurses and doctors provide exceptional care for patients. Our first product is MedEye which ensures patients get the right medication at the right time, improving safety and reducing the costs of medication errors. For more information please visit www.mintsolutions.eu

About LSP
LSP (Life Sciences Partners) is one of Europe’s leading investors in the health care sector. Over more than 25 years, LSP has built elaborate expertise in establishing and growing health care companies with a positive impact on society. In partnership with inventors and entrepreneurs LSP contributes to the translation of breakthrough concepts into products that benefit patients. LSP connects LPs to inventors with a dual goal: generating an interesting financial return and contributing to the quality of life. LSP’s Health Economics Fund invests in innovative products contributing to a better and cheaper health care.

For more information please visit the LSP website: www.lspvc.com

About Seventure Partners
Being one of the leading venture capital firms in Europe, Seventure manages more than €500m and invests since 1997 in innovative businesses with high growth potential in Digital Technologies in France and Germany, and in Life Sciences all over Europe.

In Life Sciences our four preferred sectors are biotechnology and pharmaceuticals, connected health and medtech, industrial biotechnology and cleantech, and microbiome, lifestyle healthcare, personalised medicine and nutrition and food. We also consider investments in diagnostics, biomarkers, drug delivery systems, and services.

A typical investment ranges from €500k to €10m per round, up to €20m per company, from early to later stage.
Seventure is a subsidiary of Natixis, the corporate investment management and financial services arm of Groupe BPCE, the second-largest French bank.

For more information, visit: www.seventure.fr

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