CARMEL, Ind., Oct. 24, 2017 (GLOBE NEWSWIRE) — SonarMed today announced the completion of its Series C financing with proceeds totaling $3 million. The round was led by South Coast Angel Network, with participation from many of the Company’s initial investors, including VisionTech Partners, Spring Mill Venture Partners, and BioCrossroads through the Indiana Seed Fund I, plus new investments from several angel groups, including 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,” commented Nora Doherty, BioCrossroads Vice President of Finance and Managing Director of Seed Funds. “The increased adoption of the Company’s AirWave technology is extremely promising, and we look forward to seeing this momentum continue.”
The proceeds from the financing support the ongoing controlled market roll-out and launch of SonarMed’s pediatric products, as well as supporting the Company to continue gathering outcomes data from its user case studies. The Company also plans to use the funds to add two new pediatric products to its pipeline this year. SonarMed’s pediatric sensors feature recent advancements the Company made to its technology using the funds, most notably upgrading its monitoring sensors with piezoelectric technology. The improved sensors eliminate issues with moisture and secretions that can cause sensors to become clogged, a common problem with capnography-based sensors and other sensors used with ventilators. The financing round closed in May of this year.
“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,” said Tom Bumgardner, CEO of SonarMed. “We look forward to providing an update in the coming months on further developments and continued adoption of our AirWave technology.”
SonarMed, Inc. is privately held medical device company in Carmel, Indiana that specializes in developing solutions that increase patient safety while significantly decreasing healthcare costs. SonarMed is dedicated to reducing the dangerous challenges around airway management in pediatric and adult critical care settings. SonarMed has focused their expertise on researching and developing innovative airway monitoring products that will potentially satisfy a $350 million market within NICU and pediatric facilities, part of an overall $1 billion market. The Airwave System is currently 510(k) cleared for use in adult and pediatric patients, including neonates.
Originally featured on Benzinga.