Illinois-based clinical stage medical device startup Rhaeos raises $2.2m oversubscribed seed round
Rhaeos, Inc., a private, clinical stage medical device company developing a platform wireless and non-invasive wearable sensor initially targeting the neurosurgical suite, announced the successful closing of its oversubscribed $2.2 million seed financing.
The round, which brings a total of over $8 million in dilutive and non-dilutive financing to date, includes participation from Creative Ventures, Portal Innovations, Lateral Capital, Cedars-Sinai Accelerator, Kyto Life Science and Technology, Band of Angels, Northwestern University's NXT Fund, University of Michigan Social Venture Fund, and private investors.
Kulika Weizman, Principal, Creative Ventures: "This financing milestone is one of many achieved by Rhaeos this year. The elegant design of their sensor and approach to commercialization led by a team of experts in their respective fields are among the reasons why we invested in Rhaeos. The FlowSense™ platform has the potential to disrupt the wearable medical device space and we are glad to be a part of Rhaeos' journey."
The closing of the financing round adds to recent milestones the company accomplished including receiving $4M in grant funding from the NIH, completing the Cedars-Sinai Accelerator program, and initiating their FDA pivotal study. Proceeds will be used to prepare for the 2022 commercial launch of FlowSense™, the company's first product.
John Flavin, Founder and CEO, Portal Innovations: "Anna Lisa Somera and Dr. John Rogers are prolific leaders in the Chicago life science ecosystem. They along with the rest of the Rhaeos team have the capabilities and expertise to commercialize the FlowSense™ platform to help improve the lives of the millions of patients living with hydrocephalus and other chronic conditions."