Medtech is continuing its surge in Canada as another company picks up a big chunk of funding.
FloSonics Medical has secured $5 million in a funding round led by iGan Partners. iGan has invested in other leading medtech devices such as eSight. The Sudbury-based FloSonics is a medical device company that focuses on developing non-invasive sensors to improve the management of critically ill patients.
The funding round also saw participation from Genesys Capital, MaRS Investment Accelerator Fund (IAF), Accel-RX, MaRS Catalyst, Angel One and Northern Ontario Angels. This is the latest investment from the MaRS Catalyst fund that continues their goal to improve the lives of 16 million people and save the North American healthcare system $10 billion.
“We’re very enthusiastic about the investors who partnered in the current financing round lead 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 the hospital.”
The new funding will help to further develop and commercialize FloSonics’ FloPatch tech, a wearable sensor that adheres to a patient’s neck and detects blood flow following clinical interventions.
The FloPatch allows clinicians to receive physiological feedback on the effectiveness of their resuscitation. This is an important step, especially in the early stages of care, say when a patient is in an ambulance, emergency room or an intensive care unit.
“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,” said Sam Ifergan, founder and CEO at iGan Partners. “They’ve got some great ultrasound pioneers in the company, and their clinical advisors are world leaders in critical care physiology.”
FloSonics rebranded from Ke2 Technologies back in September 2017 in an effort to reflect the company’s new focus on critical care. FloSonics also picked up a $50,000 Displaying Futures Award from Merck last year to foster the young company’s growth.