410 Medical said today it added an additional $2.1 million to its Series A financing, bringing the total up to $5.3 million to support its LifeFlow resuscitation device.
The Durham, N.C.-based company’s LifeFlow is rapid infuser designed to deliver 1 liter of crystalloid fluid through a 20-gauge IV catheter in 5 minutes, for front-line treatment of patients needing urgent fluid delivery.
Included amongst investors for the additional $2.1 million was Triangle Venture Alliance, a newly formed alliance group amongst angel investor networks at Duke University, NC State university, NC Central University and the Universit of North Carolina at Chapel Hill, the company said.
The funding was the 1st for the Triangle Venture Alliance, 410 Medical said, adding that the group “will further support the commercialization of the LifeFlow rapid infuser,” according to a press release.
“Providing growth capital to companies like 410 Medical is the key to the continued economic success of our region. The LifeFlow product and the potential that it offers clinicians to impact patient health strongly resonated with our investor network,” NC State Wolfpack Investor Network managing director Joe Sinsheimer said in a prepared statement.
“410 was started in North Carolina and LifeFlow is manufactured here. Adding UNC, Duke and NC State, through the Triangle Venture Alliance, to our investor syndicate further strengthens our foundation in North Carolina and expands our access to an exceptional network of clinicians, investors and other professionals who are part of these outstanding institutions. We are honored to be TVA’s first investment, and we look forward to partnering with them and all of our investors to execute on our mission of enabling front line providers to deliver life-saving fluids to critically ill patients,” prez & CEO Kyle Chenet said in prepared remarks.
410 Medical said that, based on positive feedback and early success in a limited market release, the company will be expanding the release to hospitals and emergency medical service organizations across the US.