Early stage medical device developer Revive Solutions said this week it raised $3.4 million in a seed financing round to help support the development of its next-gen automated external defibrillator technology.
The round was led by newly invested Greenbox Venture Partners and joined by Rock Health, HealthTech Capital, Hippocrates VC and other medical device execs and healthcare professionals, the San Francisco-based company said.
“We are excited to back this team of entrepreneurs on their mission to disrupt the status quo in a market that has lacked new technologies for many years. The innovative technology and intellectual property developed by the Revive team has the potential to put life-saving technology in the hands of every individual at all times, and the impact on survival rates could be staggering. We look forward to working with the team to bring this innovative product to the market in the near future,” Greenbox Venture Partners managing director Jeff Trost said in a press release.
With the seed funds, Revive Solutions said it has raised over $6 million to support its devices and technology.
“We are very pleased to have such a strong group of investors with extensive healthcare technology backgrounds joining the Revive team as we look to bring our disruptive products to market,” co-founder & CEO Rory Beyer said in prepared remarks.
Proceeds from the funding round will be used to complete regulatory submissions for the company’s AED product and to support an eventual commercial launch once approval is obtained.
The company said it is developing a “disruptive solution” to the AED market, claiming the device will be ultra-portable, affordable, easy to purchase and maintain and easy to use effectively “when it matters most,” according to a press release.
“We know far too many families that would still have their loved one here if an AED was immediately accessible. The fact of the matter is that today’s status quo product offerings in the AED industry are simply not good enough, as survival rates from SCA have remained nearly stagnant at ~10% for years. All of us at Revive are committed and intensely driven to make AEDs accessible to all, and as a result significantly increase survival rates,” co-founder, prez & COO Sameer Jafri said in a prepared statement.