Garwood Medical raised $2 million in a Series A round of financing to support medical the development of devices which detect and report on possible infections, according to an SEC filing.
The company was founded in 2014 and has the exclusive license for 3 patents from the University at Buffalo, and has developed 3 additional patents on its own.
The company signed a contract earlier in the summer with the University at Buffalo’s “Buffalo Institute for Genomics and Data Analytics” which will bring in $1.5 million and an extra 40 jobs over the next 5 years, according to a Buffalo Business Journal report.
Garwood’s core product innovation is a technology that can “sense infections” and report them to doctors and through a software platform. The Buffalo, N.Y.-based company is focusing on 2 initial products: a wound care bandage that is 18 to 24 months away from commercialization, and an implant device to recognize when infections begin to form, which the company expects is 3-4 years away, according to the report.
The company said it will seek to outlicense its implant device to a larger company, but will explore its own manufacturing and marketing options with the bandage as well as outside companies.
Money in the round came from 7 anonymous sources, according to an SEC filing.