Flosonics Medical announced it secured $7.5 million CAD ($5.2 million USD) in venture debt financing from RBCx to accelerate market adoption of its FloPatch wireless wearable ultrasound technology.
The financing will enable Flosonics Medical to scale operations and expand the reach of FloPatch.
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Flosonics Medical designed FloPatch to give rapid, repeatable hemodynamic assessments. The device is a non-invasive solution to traditional Doppler ultrasound machines that helps clinicians make faster, data-driven decisions in sepsis care and other critical conditions, according to the company.
“We’re thrilled to be working with RBCx as we bring FloPatch to more hospitals across North America and beyond,” said Joe Eibl, CEO and co-founder of Flosonics Medical. “This financing allows us to accelerate our mission of equipping healthcare providers with the tools they need to deliver the highest quality of care possible while improving operational efficiencies in hospitals.”
Sepsis is a major healthcare challenge that affects over 75,000 patients annually in Canada and 1.7 million in the U.S., Flosonics said. FloPatch aims to optimize fluid management and improve patient outcomes while reducing complications associated with sepsis and other conditions requiring hemodynamic monitoring.
RBCx, the technology and innovation banking arm of Royal Bank of Canada, provides venture debt financing to pre-revenue, venture-backed life sciences companies. The funding model is designed to address investment gaps in the life sciences industry and support startups through various stages of growth.
“Flosonics Medical is a great example of the transformative potential of Canada’s life sciences sector, and we’re longtime supporters of their mission,” said Anne Woods, managing director of RBCx’s national Life Sciences practice. “We’re proud to back the scaling ambitions of companies like Flosonics Medical with the capital they need to improve patient care through bold innovations like FloPatch.”
