Sonavex, a Baltimore-based medical device startup, has received $3 million in a fundraiser round, which recently concluded. The round, which accumulated $2.2 million in equity, brought investments from CRCM Venture Capital, Abell Foundation and TEDCO, as well as private investors.
Grey Sky Venture Partners led the round. Simultaneously, the firm received a $750,000 Small Business Innovation Research Grant from the National Science Foundation.
The company intends to utilize the funds to acquire approval for its EchoSure device from the FDA. This step is necessary, before the device can be sold to medical centers and doctors.
Snoavex’s EchoSure device, which utilizes ultrasound to detect blood flow loss, spun out of Johns Hopkins in 2013. Utilizing the device, medical professionals will be able to detect and treat thrombosis (blood clots), a common complication of surgery, much sooner than when utilizing traditional methods. The downside to traditional methods is they are not able to detect blood clots, before they begin to affect a patient’s tissue.
After the U.S. Food and Drug Administration approves the device, Sonavex will begin conducting clinical studies to further validate and pursue other applications for the technology.
Sonavex currently employees a total of seven part-time and full-time employees, but thanks to the new funding, the firm will be able to expand its workforce to about 10 by next year.