FOR IMMEDIATE RELEASE - April 18, 2019 - Irvine, CA
Medical Waste Processing Technology Startup OnSite Raises $1.75 Million
OnSite Waste Technologies,a local startup, has developed a product that may well disrupt the medical waste disposal industry while eliminating the risk of spreading infectious disease from waste in transport, dramatically reducing disposal costs, and helping to protect the environment.
A former tenant of UC Irvine Applied Innovation, OnSite recently closed a $1.75 million second seed round led by the Cove Fund, a private venture capital fund located at Applied Innovation’s headquarters, the Cove. This financing will support OnSite’s product launch in the second quarter of 2019. The company previously raised an initial seed round from private investors.
The company was founded by Jon Bricken, who developed the basic technology and who is currently the firm’s President. CEO Brad Barnes was an early member of OnSite’s team. He is a serial entrepreneur with substantial prior experience on startup leadership teams, including trueAnthem, where he was Co-Founder and CEO; NewsEdge (NASDAQ: NEWZ), which went public in 1996 and was later sold to Thomson Financial; and Circa5 Publishing, which was sold to the Orange County Register.
OnSite Waste Technologies is pioneering a novel way for medical practices, dental offices, and other smaller-scale generators of medical waste to dispose of that waste conveniently in their location’s regular trash. The TE-5000, a simple-to-use desktop-sized unit, converts regulated medical waste into sterile garbage. The TE-5000 reduces the liability associated with the traditional method of regulated medical waste disposal – hauling the waste to a central location – by reducing or eliminating the time waste sits in bags waiting for pickup by a disposal service. For practices paying too much for their current service, the TE-5000 can also have a significant impact on the bottom line. For more information visit www.onsitewaste.com.
Role of UCI Applied Innovation
OnSite made extensive use of the networking opportunities afforded by UCI Applied Innovation. For example, the majority of the funding raised in the company’s latest round came not only from the Cove Fund itself, but also from co-investments by the Fund’s limited partners, many of whom are Innovation Advisers in the Wayfinder program at the Cove. The Fund’s syndication outreach to these investors and others that maintain a presence at the Cove resulted in the round being substantially oversubscribed.
“UCI Applied Innovation has the resources to connect startups like OnSite to an array of business leaders, entrepreneurs and investors, and helps them accelerate and move into the market quicker,” said Dr. Richard Sudek, UCI Applied Innovation’s executive director and UCI’s chief innovation officer. “OnSite has really taken advantage of all these resources and is leading the field in developing a more convenient and sanitary solution for medical waste disposal.”
For More Information, Contact:
Brad Barnes, CEO, OnSite Technologies – firstname.lastname@example.org
Howard Mirowitz, Fund Manager, Cove Fund II, LLC – email@example.com