US-based patient management technology developer Endotronix yesterday increased its series D round from $45m to $70m following an extension backed by healthcare provider OSF Healthcare and automotive component producer Wanxiang.
Aperture Venture Partners, BioVentures Investors, Lumira Ventures, Seroba Life Sciences, Skydeck, SV Health Investors, an undisclosed investor in the medical devices sector and an unnamed corporate backer also took part in the extension.
LSP had led the initial close in September 2018 through its LSP Health Economics Fund 2 vehicle, joining an unnamed corporate investor as well as all the second tranche participants except Skydeck. OSF Healthcare and Wanxiang took part in both tranches through their OSF Ventures and Wanxiang Healthcare Investments units respectively.
Founded in 2007, Endotronix is working on a cloud-based patient management platform, Cordella System, that remotely collects health data about patients who suffer from heart failure, through an implantable pulmonary artery sensor called Cordella Sensor.
The technology is intended to detect any worsening in a patient’s condition while allowing them to stay out of hospital during their recovery.
Endotronix will put the money into a clinical trial of Cordella Sensor that will begin enrolling patients in Q4 2019, in addition to the ongoing commercialisation of Cordella System. The latter is already available to cardiology centres in the US and can be sold in the European Union.
The company closed its $37.1m series C round in February 2018, having attracted $32m in a 2016 first tranche featuring OSF Ventures, BioVentures Investors, SV Health Investors, Lumira Ventures, Aperture and undisclosed existing backers.
The company had previously received approximately $12.5m in equity and debt financing according to securities documents. Its early backers include Central Illinois Angels, JumpStart Ventures and Luxemburg Capital.
