What You Should Know:
– Fogarty Innovation, a nonprofit educational incubator for medical technology companies, announced today that its graduate, Raydiant Oximetry, Inc., has raised an oversubscribed round of $5M Series A2 financing led by Avestria Ventures, which invests in early-stage women’s health companies, and syndicated by KOFA Healthcare, V-Capital, Band of Angels, FemHealth Ventures, RHIA Ventures, SteelSky Ventures and Tri-Valley Ventures.
– Raydiant Oximetry is a femtech, clinical-stage medical device company focused on improving women’s and neonatal health. Its innovation is LUMERAH™, the first-of-its-kind non-invasive fetal oximeter designed to more accurately detect fetal distress during labor and delivery. Current fetal monitoring technology has a low sensitivity that may lead to the failed identification of the distressed baby during labor and delivery, potentially contributing to subsequent newborn birth injury. In addition, existing fetal monitoring technology has a low specificity, which can lead to the overuse of emergency C-sections.
Raydiant Oximetry plans to use the proceeds of the Series A2 financing to complete a clinical study at the University of Texas Medical Branch (UTMB) in Galveston, Texas. UTMB is one of 12 clinical research centers established by the NIH Maternal-Fetal-Medicine Network to promote clinical studies during pregnancy. The principal investigator for the study is Dr. George Saade, the Chief of Maternal Fetal Medicine at UTMB.