US-based blood flow monitoring technology developer Cheetah Medical closed approximately $11.8m in series C funding from investors including Robert Bosch Venture Capital (RBVC), a subsidiary of engineering and electronics group Robert Bosch, on Tuesday.
Fletcher Spaght Ventures, the investment arm of strategic consulting firm Fletcher Spaght, also took part in the round, as did MVM Life Science Partners, Springfield Investment Management and HighCape Partners.
Founded in Israel, Cheetah Medical is the developer of a system called Cheetah Nicom, which uses a technology called Bioreactance to non-invasively assess a patient’s blood flow and circulation.
The technology is designed for operating theatres in the US looking to treat infections such as sepsis that endanger inpatients. Cheetah Medical will use the series C funding to build out its sales and marketing capabilities.
The company raised $14m in a 2014 round that included RBVC, Fletcher Spaght Ventures, Springfield Investment Management, MVM, HighCape Partners and Ascension Health Ventures (AHV), a corporate venturing vehicle for healthcare provider Ascension.
The round was added to earlier funding to make at $33.8m according to a securities filing, and another filing disclosed $4m in debt financing in October 2015. AHV had previously led Cheetah’s $20m series B round in 2010, investing alongside RBVC, MVM and unnamed existing backers.
Chris Hutchison, CEO and president of Cheetah Medical, said: “This additional funding will enable us to accelerate investment in our US sales and marketing efforts which are already driving exciting revenue growth.”