Chicago-based medtech startup Neopenda announces new round of convertible note financing
Neopenda, a Chicago-based public benefit corporation, announced a new round of funding supported by Assiduity Capital and Sorenson Impact Foundation, and the CE Mark approval of its neoGuard device.
Founded in 2016 by biomedical engineers Sona Shah and Teresa Cauvel, Neopenda developed a medical monitoring device equipped to handle the challenges of low-resource areas in Sub-Saharan Africa. The device, a wireless, wearable vital signs monitor, measures pulse rate, respiratory rate, peripheral blood oxygen saturation and temperature of critically ill newborns which allows caretakers to catch preventable and treatable conditions earlier. In the last year, the team has adapted the device for use with adult COVID-19 patients.
Neopenda recently received CE Mark approval in Europe. This EU MDR certification allows the company to distribute its neoGuard product in all countries accepting EU product standards for high safety, health and environmental protection requirements. Teresa Cauvel, CTO, said, "Receiving the CE Mark is an essential step in the growth of Neopenda, and we are happy to have the validation of the safety and effectiveness of the neoGuard monitor." Neopenda is currently leading additional clinical testing for its neoGuard product in remote patient trials.
Sona Shah, CEO, Neopenda: "This new funding will help expand the impact of neoGuard. Now that we've been granted a CE Mark, we can widen our distribution and save more lives. Because of their focus on healthcare in emerging markets, Assiduity Capital and Sorenson Impact Foundation are the perfect partners to support our next phase of growth."
Meredith Shields, Managing Director, Sorenson Impact Foundation: "The Sorenson Impact Foundation is proud to partner with Neopenda in its goal to bring life saving medical devices to both emerging markets. We believe that the impact potential is huge as infant and adult lives can be improved while advancing healthcare procedures and efficiency globally."
Handson Chiweshenga, Managing Director, Assiduity Capital: "We are excited to partner with Neopenda as the need for accessible healthcare grows in emerging markets. Neopenda's product solutions offer alternatives that can help accelerate healthcare accessibility and quality."
With the funding of $1.4 milllion, 70% of its post-seed round secured, Neopenda will be expanding its team with four new hires. Brittany Stubbs has joined as the Business Operations Lead. Vivian Mwanza will lead business development efforts in Kenya. Mwanza shared, "I joined Neopenda because of its great sense of purpose, the sharp focus of its mission and clear vision to improve access to life-saving devices. I'm excited to be part of the company's growth." The team plans to add two additional members in supply chain and engineering.