Noninvasix Raises $2 Million in Series Seed Funding Round
Precision oximetry health technology start-up attracted capital from a diverse network of global investors, including Texas Medical Center Venture Fund, Philips, and GPG Ventures
HOUSTON — (BUSINESS WIRE)—Noninvasix Inc., a start-up developing novel precision oximetry technology, today announced it has over-subscribed a $2 million Series Seed Funding Round led by Texas Medical Center Venture Fund and featuring Philips and GPG Ventures. Noninvasix will use the new capital to meet clinical milestones and advance the product development towards FDA 510(k) clearance.
Inadequate organ oxygenation is a major cause of death and permanent disability in hospitals. Pulse oximetry, although widely used in hospitals today, only measures the oxygen content of arteries, providing incomplete information. Prompt recognition of low oxygenation in veins can provide more accurate information about oxygen levels in tissues to guide therapeutic interventions and reduce adverse outcomes. The company is developing technology which will allow doctors to accurately monitor oxygen sufficiency within organs without invasive catheters for the first time. The first application of this technology will be in the neonatal intensive care sector.
“Brain hypoxia, characterized by restricted blood flow to the brain, accounts for 23% of all neonatal deaths worldwide and costs the U.S. healthcare system over $7 billion per year, making the development of an accurate and precise patient monitoring system a top maternal-fetal health priority,” said Noninvasix CEO Graham Randall. “Noninvasix’s novel solution utilizes optoacoustic monitoring of cerebral venous oxygenation to accurately measure the adequacy of the oxygen supply to a baby’s brain in real time.”
“TMC Venture Fund has been a strong supporter of Noninvasix since our initial investment in the company, and we look forward to our continued partnership with them,” says Tom Luby, Director, TMC Innovation. “The potential of this platform technology to guide better clinical decision-making and improve outcomes has us excited to be part of the effort that brings the optoacoustic technology to the market.”
“GPG Ventures seeks disruptive medical innovation companies and Noninvasix is the next generation, fully noninvasive blood oxygenation detection and monitoring technology,” says Daniel S. Parsley, managing partner, GPG Ventures. “Neonatal care is the first of many important applications for this technology that will save lives while reducing health care costs.”
Noninvasix participated in Philips HeathWorks’ 2017 Startup Program in Eindhoven, Netherlands, where company officials worked closely with internal Philips teams specializing in business modeling, health economics, regulatory affairs, and intellectual property to fortify every aspect of the business plan.
Using patented optoacoustic technology, the experienced team of life science innovators and medical engineers at Noninvasix, Inc. have developed an elegant solution for the safe, accurate and non-invasive monitoring of infant welfare in the neonatal intensive care unit.
We have assembled a team of experienced scientists, consultants, and executives to take this product to market. Our CEO is an experienced medical device entrepreneur. Our founders pioneered the use of optoacoustic technology for noninvasively and directly measuring tissue oxygen saturation. Each of our consultants has over 30 years of experience in medical device engineering, design, or FDA regulations.
About Texas Medical Center Venture Fund
The Texas Medical Center Venture Fund (TMCVF) is the venture capital arm of the TMC, the largest medical center in the world. Its mission is to serve the health, education and research needs of Texas and the world. TMCVF serves that mission by partnering with entrepreneurs who are shaping the future of health through investment in their companies, supporting their strategic and operation needs, and helping them gain access and connectivity to the worlds-class member institutions at the TMC.
TMCVF is an early-stage investor than take a long-term view to support the commercialization, launch and growth of innovations in medical devices and digital health solutions. They partner with entrepreneurs who share a common belief in their values and exclusively source deals from founders who participate in programs led or partnered with TMC Innovation.
About GPG Ventures
GPG, built on over 60 years of operational and financial experience, seeks investment opportunities that offer above-market returns for its investors. The firm delivers strategic solutions, financial backing and a reliable network to its portfolio companies. This investment was led by Dan Parsley, Managing Partner of the GPG Ventures Houston office.