Flosonics announced that it raised $20 million in a Series C financing round to support its wearable ultrasound technology.
New Leaf Venture Partners led the round, which had participation from existing investors Arboretum Ventures, Genesys Capital and iGan Partners. As part of the deal, Vijay Lathi of New Leaf will join the board of directors at Flosonics.
Sudbury, Ontario-based Flosonics plans to use the funds to support its FloPatch device. It hopes to accelerate commercial growth, expand indications for use and continue evidence generation. The company wants to address the growing demand for wearable AI-assisted sensors.
FloPatch, a first-in-class wearable Doppler ultrasound technology, provides hemodynamic assessments. Flosonics designed FloPatch to streamline and inform clinical diagnoses regarding fluid resuscitation and management. The wearable ultrasound could help improve patient management inside and outside the hospital.
“We are thrilled to have New Leaf Venture Partners lead our Series C round and welcome Vijay Lathi to our board,” said Joe Eibl, CEO of Flosonics Medical. “This investment not only validates our past successes but also enables us to accelerate our plans for expansion and innovation.
“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.”
