OnSite Waste Technologies, a specialist in the immediate sterilisation of medical waste, has closed an oversubscribed USD3.5 million Series A funding round. OnSite has now raised a total of USD8.5 million in capital, which has helped contribute to a 500 per cent, quarter-over-quarter growth rate.The latest round of funding was led by Mark IV Capital – a Newport Beach, California-based asset management firm focused on venture capital among other sectors. The capital raised from this funding round will be used to scale, build inventory and distribute the company’s TE-5000 immediate sterilisation desktop unit. Previous funding rounds focused on early stage development, R&D and go-to-market strategies.
“We’ve now proven that small quantity generators of medical waste have a significant interest in the immediate sterilisation, made possible by our OnSite TE-50001,” says Brad Barnes, CEO at OnSite Waste Technologies. “Now that we have clear market fit, we’re scaling the business, and focusing on getting the TE-5000 into as many long-term care facilities, family practices, dermatologists offices, urgent care clinics, and other small waste producer settings as possible.”