Funding Aimed at Accelerating Domestic and Global Market Opportunities in Burgeoning Field
PITTSBURGH–(BUSINESS WIRE)–January 9, 2014–
Aethon, the premier developer of autonomous mobile robots for hospitals and health systems announced today that it received a $3.0 million investment from Mitsui & Co. (U.S.A.), Inc. (“Mitsui USA”), a wholly owned subsidiary of Mitsui & Co., Ltd., a leading international trade and investment company. This augments Mitsui USA’s initial $4.0 million growth capital investment in Aethon in April 2012.
Mitsui USA’s additional investment will provide funds to support Aethon’s planned expansion of its US-based sales force as well as increased marketing efforts. In addition, the funding will allow Aethon to increase its business development efforts in foreign markets assisted by Mitsui’s extensive relationships and contacts in markets worldwide.
“Mitsui USA’s add-on investment is a sign of their confidence in the worldwide interest for Aethon’s solutions both in healthcare logistics and the potential for applications outside of healthcare,” said Aethon President and CEO Aldo Zini. “We have an opportunity to grow the company rapidly and this additional investment provides the resources necessary to accelerate our growth.”
Aethon has grown significantly since its launch into the commercial market in 2004 with its smart autonomous mobile TUG® robots, over 400 of which are currently making more than 50,000 deliveries each week in hospitals across the country. Hospitals rely on TUGs to transport medication, meals, linen, equipment and supplies more safely, securely and promptly.
“Mitsui USA’s decision to increase its investment in Aethon was based on the company’s immediate opportunity for growth and longer term market potential. Their products are proven and Aethon is a nimble organization poised to take advantage of emerging opportunities,” said Shigeyuki Toya, General Manager of Mitsui USA’s New Business Development Department. “We anticipate substantial growth in healthcare robotics over the next five years, and continue to expect Aethon to be at the forefront of that movement.”
In addition to Mitsui USA, Aethon has previously received investment funding from the Bosch Group and some of the nation’s largest venture capital firms including Trident Capital, a key investor in many successful robotic and technology companies. Aethon’s solutions represent efficiency and improved utilization of the clinical workers in a hospital. These are benefits sought after by hospitals worldwide as every healthcare system faces the same pressures of controlling costs and increasing availability of clinical staff for direct patient care.
Aethon automates Intralogistics™ in hospitals by delivering goods and supplies using its TUG® smart autonomous mobile robot and tracks deliveries in real time using MedEx™, a software system used to track medication deliveries from the pharmacy. Over 400 TUG autonomous mobile robots are making more than 50,000 deliveries each week in hospitals across the United States. For more information, visit www.aethon.com.
About Mitsui & Co. (U.S.A.), Inc.
Mitsui USA was incorporated in 1966 in New York as a wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo, Japan, one of the most diversified and comprehensive trading, investment and service enterprises in the world, with 147 offices in 67 countries as of November 1, 2013. Mitsui is multilaterally pursuing business that range 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 Service, and Innovation & Corporate Development. Mitsui USA aspires to meet the needs of its customers as “Your Global Business Partner®”, while remaining committed to sustainable growth and good corporate citizenship. More information on Mitsui USA may be found at www.mitsui.com/us.
Tony Melanson, VP Marketing, 412-322-2975