Newport Beach, California-based OnSite Waste Technologies, a medical waste processing tech company, has secured $3.5 million in Series A funding. Mark IV Capital led the round.
NEWPORT BEACH, Calif. – October 20, 2020 – Today, OnSite Waste Technologies, Inc., the innovator in immediate sterilization of medical waste, announced today it has closed an oversubscribed $3.5 million Series A funding round. OnSite has now raised a total of $8.5 million in capital, which has helped contribute to a 500%, quarter-over-quarter growth rate.
The latest round of funding was led by Mark IV Capital – a Newport Beach, Calif.-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 sterilization 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 sterilization, made possible by our OnSite TE-50001,” said 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.”
OnSite Waste Technologies’ TE-5000 immediate onsite sterilization desktop units are currently deployed in 27 different types of medical facilities across 41 states and counting. The TE-5000 is an ideal waste disposal solution for facilities that produce 200 pounds or less of “Sharps” and “Red-Bag Waste” monthly and want that infectious waste removed from their facilities as fast as possible.
Traditionally these materials have been stored in the medical facility for weeks and then trucked to one of 72 incinerators across the country – an archaic method of disposal that is environmentally damaging and costs medical facilities upwards of $4 Billion annually2. The TE-5000 puts waste disposal in the hands of the facilities, helping drive down costs for a positive impact on their bottom line, while also helping to reduce their CO2 emissions.
OnSite Waste Technologies offers the most complete technology enabled solution for waste disposal available today. The TE-5000 fits on a counter and treats bio-medical waste by heating it to 350-400 degrees for 90 minutes, ensuring all bacteria, spores and viruses – such as COVID-19 – are completely destroyed. All plastic components are melted down, reducing the contents by 80% to a disposable “brick.”
In addition to its novel TE-5000 device, OnSite Waste Technologies offers comprehensive solutions to accommodate a variety of medical waste disposal needs. Interested facilities can visit www.onsitewaste.com to schedule a free consultation to determine the best solution for their requirements.
More About OnSite Waste Technologies
OnSite Waste Technologies is a California-based company dedicated to reducing the cost, risk, and environmental impact of medical waste processing and disposal. Its flagship product, the TE-5000, is an innovative desktop-sized processing unit that converts regulated medical waste, including “Sharps” and “Red-Bag Waste,” into sterile garbage that can be placed in a practice’s regular trash. 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 small waste producers (200 pounds of waste per month or less) the TE-5000 is a greener, more cost-effective and safer option for handling medical waste disposal when compared to typical haul-away services