Medical Waste Processing Technology Startup OnSite Raises $3.5 Million Seed In An Oversubscribed Round

Thursday, May 23, 2019 General News
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Investment Led by Mark IV Capital and Co-Led By The Cove Fund II. Proceeds Will be Used to Accelerate Sales and Employee Growth

NEWPORT BEACH, Calif., May 22, 2019 /PRNewswire-PRWeb/ -- OnSite Waste Technologies, a leader in modernizing on-site

medical waste disposal, today announces the completion of its most recent funding round, led by Mark IV Capital and UCI Applied Innovation's Cove Fund II as well as syndicated with individual investors. The proceeds from this oversubscribed seed round will be used to build the team necessary to accelerate the inventory and distribution of this exciting new technology around the country.

"There's been very little innovation in medical waste disposal in decades," said CEO Brad Barnes. "I'm proud to be a part of advancing OnSite Waste's technology and help bring a new method of convenient, safe, and cost-effective medical waste technology to market."

The funds from this round will be used to bring OnSite Waste's novel technology to medical practices around the country, with a launch scheduled for May in Orange County, California, where the company is headquartered. OnSite Waste's TE-5000 is a desktop-sized processing unit that converts regulated medical waste – sharps and red bag waste — into sterile garbage, safe for the medical practice's regular trash. This unique technology is leased to the medical practice for a low flat rate, and the staff uses disposable canisters to destroy and dispose of hazardous bio-waste conveniently in their office without the need for costly and potentially risky hauling.

"We're excited to help OnSite Waste disrupt an old industry with this exciting technology that solves critical pain points. Southern California is a rapidly growing startup ecosystem and leads in many areas, and medical technology is one of them, and OnSite Waste's product is another great example," said Michael Beaudoin II, Director of Private Equities at Mark IV Capital.

About OnSite Waste Technologies OnSite Waste Technologies is pioneering a novel way for medical and dental practices, and other generators of medical waste to dispose of their hazardous medical waste conveniently in their location's regular trash. TheTE-5000, a simple-to-use desktop-sized unit, converts regulated medical waste into sterile garbage for small-scale medical waste producers. The TE-5000 reduces the liability associated with the traditional method of hauling waste to a central location by reducing or eliminating the time waste sits in a practice. For practices paying too much for their current hauling service, the TE-5000 can also have a significant impact on the bottom line.

For more information visit http://www.onsitewaste.com.

About Mark IV Capital, Inc. Mark IV Capital is an asset management firm that is focused on commercial real estate, venture capital and private equities. The firm utilizes a long-term approach to deploy capital and works with entrepreneurs, land holders, developers, joint-venture or syndicate partners and other stakeholders to create value. It is based in Newport Beach, California and was founded in the year 1974.

For additional information, please visit http://www.markiv.com.

About Cove Fund II, LLC Cove Fund II, LLC is a seed stage venture capital fund that aims to provide investment opportunities and return to qualified investors that wish to participate in the burgeoning Southern California technology sector. Cove Fund II has raised $14.2 million from both private and institutional sources, largely from Southern California. The Fund's members (investors) include successful entrepreneurs, local business people, family offices and others who recognize the investment opportunity offered by the dynamic Southern California startup community.

 

SOURCE OnSite Waste Technologies



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