Sudbury, Ontario-based healthtech startup Flosonics Medical has closed $27 million CAD ($20 million USD) in Series C financing as it looks to drive the adoption of its blood flow measurement wearable.
The round was led by New York-based New Leaf Venture Partners, with participation from returning investors Arboretum Ventures, Genesys Capital, and iGan Partners. As part of the deal, managing director and co-founder of New Leaf Venture Partners Vijay Lathi will join Flosonics Medical’s board of directors.
Founded in 2015, Flosonics is a medical device startup currently researching and developing wearable ultrasound technology. The startup’s FloPatch product is a wearable Doppler ultrasound for hemodynamic assessments.
Hemodynamic assessments measure the blood flow and pressures within the cardiovascular system. These assessments are crucial for diagnosing and managing patients with various cardiac and vascular conditions.
According to Flosonics’ website, traditional ultrasound methods often face delays in high-pressure clinical environments. FloPatch assesses the carotid arterial pulse in real-time—the carotid artery is one of the major arteries that supply blood to the brain, neck, and face. The goal of the product is to allow clinicians to make data-driven decisions more efficiently.
“This investment not only validates our past successes but also enables us to accelerate our plans for expansion and innovation,” Flosnics Medical CEO Joe Eibl said in a statement. “We are committed to leveraging this funding to further enhance the standard of care for critically ill patients with FloPatch and expand our reach into new markets.”
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Flosonics Medical plans to use the Series C funding to drive the adoption of FloPatch, by accelerating commercialization, expanding indications for use of the product, and continuing evidence generation.
The startup has engaged in several clinical validation studies related to FloPatch, and its technology has been adopted by a handful of health systems, including the Riverside University Health System and El Camino Health.
Prior to closing its Series C round of funding, Flosonics closed a $18-million CAD ($14 million USD) Series B round in 2021, and in 2018, raised $5 million in a round led by iGan Partners. The startup has also received investment through the Ontario Together Fund, which invests in businesses that work to improve the healthcare sector’s resilience.
Feature image courtesy Flosonics Medical.