Sudbury, Ontario-based medical device company FloSonics Medical has raised $5 million in a seed-stage financing. Canadian venture capital firm iGan Partners led the round. It was joined by Genesys Capital, MaRS Investment Accelerator Fund, Accel-RX, MaRS Catalyst, Angel One and Northern Ontario Angels. Founded in 2015, FloSonics is focused on developing non-invasive sensors to improve the management of critically-ill patients. Led by CEO Joe Eibl, the company will use the funds raised to commercialize FloPatch, a wearable sensor which adheres to a patient’s neck and detects blood flow following clinical interventions.
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 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 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, MaRS Investment Accelerator Fund (IAF), Accel-RX, MaRS Catalyst, 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.
ABOUT FLOSONICS MEDICAL
Flosonics is a medical device company focused on developing non-invasive sensors to improve the management of critically ill patients.
Joe Eibl, CEO and Co-Founder
Photo courtesy of Flosonics Medical