Medusa is selected for $2.6m in funding for the next generation of Siren ePCR Suite.
Medusa Medical Technologies Inc. is pleased to announce that it has been selected for funding through the ACOA Atlantic Innovation Fund. Medusa’s proposal for $2,625,000 of AIF funding has been accepted. The funding will be 75% of a $3.5 million project to improve Medusa’s Siren ePCR SuiteTM software. The balance of the funds will be provided by Medusa’s three major shareholders, Technology Ventures, InnovaCorp and Canadian International Capital Inc. or from surplus cash resources of the company.
Medusa develops and sells software for the ambulance market. Siren is an electronic patient care reporting solution that allows pre-hospital clinicians to electronically document the encounter with patients. The information generated by Siren is used by the ambulance service to improve operational efficiency, manage and improve clinical care, support critical research initiatives and integrate with greater healthcare systems (e.g. regional/national electronic health records and health information exchanges (HIEs)).
Medusa has customers in six countries that operate more than 4,000 ambulances. Siren is used to record millions of patient encounters a year around the world.
Medusa will use the AIF funding over the next 2 years to develop the “next generation” of Ambulance ePCR software. The project will draw on more than 15 years of experience Medusa has in the international ePCR market and will have significant input from Medusa’s extensive global customer base. Many of Medusa’s customers are leaders in the pre-hospital industry.
Mr. Glen Dexter, Chairman and CEO of Medusa said: “We are very excited to have been selected for this AIF funding. The funding will allow Medusa to accelerate the development of Siren and position Medusa to consolidate and grow its position as a world-leading provider of ePCR software.”
Glen added, “When the company was formed over 15 years ago we had a clear understanding of what the market needed. We delivered a software solution that met those needs and we have continued to develop the product year on year to keep pace with the market. The way in which Emergency Care is delivered across the world today is evolving at an incredible pace. We already have a vision and plan to deliver the kinds of features and functions our global customers need to enable them to deliver better quality and more efficient care. This financial support from AIF gives Medusa the opportunity to develop the next generation ePCR sooner and help us grow the company.”
Mr. Dan MacDonald, Vice President Development who will be responsible for the project said: “It is a very competitive process to secure AIF funding from ACOA. In order to be awarded AIF funding Medusa had to demonstrate a clear development strategy, international market knowledge and proven track record in commercializing R&D efforts. The AIF funding now means that we can aggressively pursue a Greenfield approach to a new product and take advantage of leading edge and emerging technologies. We have a very talented Medusa team in Halifax that has successfully delivered many complex and large-scale software projects. This funding will give us the resources to build on that team in Halifax and produce a very competitive top quality product.”