Raydiant Oximetry, Inc., a clinical-stage medical device company that develops medical technologies to improve outcomes for mothers and babies during childbirth, announced that it has oversubscribed a $7.5 million Series A3 extension round. The funding was led by Cross-Border Impact Ventures (CBIV), a women-owned venture capital fund that focuses on the health of women and children across the globe. The round was syndicated by RH Capital, Global Health Impact Fund, VCapital and the March of Dimes Innovation Fund.
Related: Axena Health adds over $9M in Series A funding for its Leva Female Incontinence solution
“We are proud to lead this oversubscribed round with such an aligned group of co-investors. The company’s products have tremendous potential to generate strong returns for our fund while saving and improving the lives of women and children in multiple markets globally,” says Annie Thériault, Managing Partner at CBIV. “We have been following Raydiant Oximetry for over four years and are continuously impressed with the team’s ability to innovate and execute.”
The Series A3 funds will be used to support two clinical studies of the Lumerah™ and Daisy™ technologies. Both clinical studies are taking place at Eastern Virginia Medical School (EVMS) in Norfolk, Virginia, under the direction of Dr. George Saade, Chair of Obstetrics & Gynecology, Associate Dean for Women’s Health at EVMS and the Editor-in-Chief for the American Journal of Perinatology.
Lumerah is a non-invasive fetal pulse oximeter that improves the detection of fetal distress during labor and delivery by measuring the fetal blood oxygen saturation. Lumerah received breakthrough device designation for expedited approval by the United States Food and Drug Administration (FDA), and recently received Investigational Device Exemption (IDE) approval to initiate an Early Feasibility Study (EFS) of pregnant women during labor and delivery. The first Lumerah participant was enrolled into the study on May 15, 20242.
Daisy is a novel surgical device designed to quantify blood loss, treat uterine atony and prevent post-partum hemorrhage (PPH) after a C-section delivery. Globally, a new mother dies every four minutes due to PPH3, a condition that Raydiant Oximetry is aiming to address with its innovative technology. The first Daisy participant was enrolled into the study on May 22, 20244.
According to Gary Goldman, MD, founder and current managing partner of Global Health Impact Network & Fund and a retired obstetrical anesthesiologist, “The current status quo is unacceptable given the current progress we have made with technological advances in healthcare. Raydiant Oximetry’s technology allows us to more effectively and non-invasively monitor fetal well-being and maternal status during the labor process, resulting in earlier intervention and better obstetric outcomes globally. I have little doubt that Lumerah and Daisy can become the standard of care for all childbirths worldwide.”
“We are honored to partner with funds that recognize the life-saving potential of our groundbreaking devices and share our mission, vision and values,” says Raydiant Oximetry founder and CEO Neil P. Ray, MD. “We look forward to collectively advancing an exciting new chapter of value creation in women’s health.”
