ALung Technologies, a US-based medical device manufacturer spun out of Pittsburgh University, attracted $36m in series C funding on Tuesday from a consortium co-led by conglomerate Philips.
UPMC Enterprises, the commercialisation arm of Pittsburgh University’s Medical Centre, co-led the round, which also featured Abiomed, Accelerator Fund, Allos Ventures, Birchmere Ventures, Blue Tree Ventures and Riverfront Ventures.
The series C round included existing convertible notes, though details have not been confirmed.
Founded in 1997, ALung has developed technology dubbed respiratory dialysis that removes carbon dioxide from a patient’s lungs if they have suffered from acute respiratory failure.
The funding will go towards a clinical trial in the US for the Hemolung Respiratory Assist System, a minimally invasive artificial lung device that relies on respiratory dialysis. Philips and UPMC will provide expertise to ALung to support further technology development.
Adam Seiver, chief medical officer of Philips’ patient care and monitoring systems division, and Jeanne Cucinelli, executive vice-president of UPMC Enteprises, will join ALung’s board of directors.
ALung previously raised a total of approximately $61.8m in equity and debt, according to press releases and news reports. Its existing shareholders include Eagle Ventures, West Capital Advisors, Smithfield Trust and assorted angel investors.
Adam Seiver said: “As a leader in non-invasive ventilation solutions for the hospital and the home, we are committed to making a difference in patient care through innovation.
“We see the potential of ALung’s innovative technology, and we are excited to partner with them and bring the technology to the next level.”