SonarMed said today it raised $3 million in a Series C round of financing to support continued commercialization and R&D of its pediatric products and gathering of outcomes data from user case studies.
The round was led by South Coast Angel Network and joined by existing investors VisionTech Partners, Spring Mill Venture Partners and BioCrossroads and newly invested Queen City Angels, Hyde Park Angels, Baylor Angel Network and Central Texas Angels Network.
“We have been involved with SonarMed from the beginning and believe the company is being led by a strong management team with a valuable technology already revolutionizing the way respiratory teams are able to accurately and successfully monitor a baby’s airway in the hospital. The increased adoption of the Company’s AirWave technology is extremely promising, and we look forward to seeing this momentum continue,” BioCrossroads finance VP Nora Doherty said in a prepared statement.
Proceeds are slated to support the addition of 2 new pediatric products with improved sensors intended to eliminate issues with moisture and secretions which could cause them to become clogged, the Carmel, Ind.-based company said.
“We are grateful for the support from our investors and angel groups, which has enabled us to begin transforming the way clinicians monitor and care for patients on life support. Our cutting-edge technology is challenging the status quo in critical care and anesthesia. Clinicians using our device are seeing better outcomes for children and their families, which means fewer injuries, less time in the hospital, lower costs and less heartache. We look forward to providing an update in the coming months on further developments and continued adoption of our AirWave technology,” CEO Tom Bumgardner said in a press release.
Steve MacMillan took over as CEO of Hologic in 2013, drawing on his experience at medtech titans like Stryker and Johnson & Johnson. Since then, Hologic has grown into a $3 billion business.
At DeviceTalks Boston, MacMillan will provide exclusive insights into the Massachusetts-based company and its evolving definition of women's healthcare. You don't want to miss it!
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