John Hopkins spin-out Sonavex said today it raised $3 million in financing, including a $2.2 million closed Series A round to support its novel ultrasound technology.
The round was led by Grey Sky Venture Partners and joined by CRCM Venture Capital, Tedco, the Abell Foundation and individual investors, the Baltimore, Md.-based company said. The round was also expanded by $1.3 million “following increased demand from investors,” Sonavex added.
“This represents an exciting time for the company. Our traction has enabled Sonavex to not only raise capital to accomplish critical milestones, but also attract essential talent to support the company’s growth. Recent developments in our product pipeline has motivated us to increase the size of the round with a second tranche of $1.3 million,” Sonavex CEO David Narrow said in a press release.
A total of $2.2 million in funding came in equity, alongside a $750,000 Small Business Innovation Research Phase II grant from the National Sceince Foundation.
The SBIR/NSF grant will support the company’s EchoSure technology designed to detect blood clot formation in surgical patients, as well as pipeline development of perioperative ultrasound solutions, the company said.
“Our ultrasound technology offers a game-changing solution to a catastrophic problem for patients. For decades, surgeons have sought a reliable way to detect early thrombosis after surgery and we are eager to begin using EchoSure in the clinic,” Sonavex chief medical officer Dr. Devin Coon said in a prepared release.
As part of the round, Sonavex said it added Harpoon Medical CEO Bill Niland and former Becton Dickinson & Co. (NYSE:BDX) exec Bob Hallenbeck to its board of directors.
“I am excited to support Sonavex as both an investor and Director. I believe in the technology, business case, and most importantly, the ability of the team to execute on the plan and grow the company,” Hallenbeck said in a prepared statement.
