pcJ News Briefs – FloSonics Medical has raised $5 million in seed funding led by iGan Partners with participation of Genesys Capital, Accel-Rx Health Sciences Accelerator, MaRS Investment Accelerator Fund (IAF), MaRS Catalyst Fund, Angel One, and Northern Ontario Angels.
Supported by StartUp Health and formerly known as KE2 Technologies, FloSonics Medical is focused on developing non-invasive sensors to improve the management of critically ill patients.
photo credit: FloSonics Medical
News Release
FloSonics Medical Secures $5 Million Seed Round Funding
SUDBURY ON — FloSonics Medical, a Canadian medical device company headquartered in Greater Sudbury, Ontario, has secured $5 million in a funding round led by Toronto’s iGan Partners. FloSonics Medical is focused on developing non-invasive sensors to improve the management of critically ill patients.
“We’re very enthusiastic about the investors who partnered in the current financing round led by iGan Partners. It marks a critical step in the commercial development of our proprietary FloPatch technology,” said Joe Eibl, CEO and Co-Founder of FloSonics Medical. “Our company is developing a non-invasive means of monitoring critically ill patients during the early stages of shock inside and outside of the hospital.”
The funds will be used to develop and commercialize FloPatch, an easy-to use wearable sensor which adheres to a patient’s neck and detects blood flow following clinical interventions.
“Until now, there have been no tools that give clinicians physiological feedback on the effectiveness of their resuscitation, especially in the early stages of care” said Dr. Jon-Emile Kenny, Chief Medical Officer of FloSonics Medical. “We believe FloPatch has the potential to provide a fast and effective way of monitoring critically ill patients in the ambulance, emergency room, and intensive care unit.”
iGan Partners, a venture capital firm investing in early-stage med tech companies led the round with other notable investors including Genesys Capital, Accel-Rx Health Sciences Accelerator, MaRS Investment Accelerator Fund (IAF), MaRS Catalyst Fund, Angel One, and Northern Ontario Angels.
“We’re very excited about what FloSonics Medical is doing, and with such a strong value proposition we believe their technology will define a new standard of care in the ICU. They’ve got some great ultrasound pioneers in the company, and their clinical advisors are world leaders in critical care physiology” said Sam Ifergan, Founder and CEO at iGan Partners.