US-based medical device developer BrightWater Medical has closed a $5.2m series A round led by OSF Ventures, the strategic investment arm of healthcare system OSF HealthCare, which included undisclosed angel groups and private investors.
BrightWater’s ConvertX system is intended to replace two separate invasive procedures needed by sufferers of severe obstructions of the ureters. The round covered initial product development, intellectual property and regulatory filing costs for the non-invasive device.
Kevin Schoeplein, chief executive of OSF HealthCare, said: “BrightWater and the ConvertX System embody the emerging technologies we target that have the potential to improve patient outcomes and reduce the financial burden to the healthcare system.
“Our venture program is focused on companies that provide innovative solutions beneficial to our system as well as to the broader healthcare market.”