- OnSite Waste Technologies announced it has raised $3.5 million in seed funding
- This round was led by Mark IV Capital and UCI Applied Innovation’s Cove Fund II
OnSite Waste Technologies is a Newport Beach, California-based company that is considered a leader in modernizing on-site medical waste disposal. Recently OnSite Waste Technologies announced it raised $3.5 million in seed funding led by Mark IV Capital and UCI Applied Innovation’s Cove Fund II along with individual investors.
The proceeds from the oversubscribed seed round are going to be used to build the team that is necessary for accelerating the inventory and distribution around the country. And the funds will also be used for bringing OnSite Waste’s novel technology to dental and medical practices around the country — which has a schedule launched for May in Orange County, California where the company is based.
“There’s been very little innovation in medical waste disposal in decades,” said OnSite 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.”
How does it work? OnSite Waste’s TE-5000 is a desktop-sized processing unit that converts regulated medical waste – sharps and red bag waste — into sterile garbage that is safe for the medical practice’s regular trash.
This technology is leased to the medical practice for a flat rate and the staff uses disposable canisters to destroy and dispose of hazardous bio-waste conveniently in their offices without the need for costly and 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,” added Michael S. Beaudoin II — the Director of Private Equities at Mark IV Capital.
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