Anastomoses technology developer GI Windows Medical announced that it raised $16.4 million in a Series A-1 financing round.
West Bridgewater, Mass.-based GI Windows said in a news release that Johnson &. Johnson Innovation, Sonder Capital, GT Healthcare, JC Investco and an additional strategic investor contributed to the funding round.
In addition to the institutional financing, GI Windows said it received investments from existing shareholders, along with new investors, the Kennedy Trust and Coleman Trust. The company is earmarking the proceeds from the financing for further product development and clinical studies for its technology.
GI Windows develops technology for non-surgical approaches to create anastomoses in the GI tract. The company’s self-assembling magnets are designed to enable intestinal bypass to treat chronic diseases like Type 2 diabetes and obesity without incisions and associated costs.
“We are excited by the support of our investors” GI Windows president & CEO Brian Tinkham said in the release. “Our team continues to reinvent the future of healthcare with product development and demonstrating consistent efficacy and safety in our clinical trials. We are on an unwavering mission to improve clinical outcomes and reduce healthcare costs for patients and providers.”