Raises $1.6 Million in Oversubscribed Funding
Summary
The round was led by North Spring Capital and Threshold Impact, with additional support from the Archangel Network Investment Fund and Thin Air Labs. “On this Pressure Injury Awareness Day, we are one step closer to achieving our mission to save thousands of bedridden people from the pain and suffering of this deadly affliction,” said Dr. Rahul Samant, CEO of Rehabtronics. We are using these funds to support clinical validation at acute care centres in the USA and Europe, to obtain regulatory clearance in international markets and to ramp up sales and marketing activities.” NorthSpring Capital Partners led a consortium of ten GTAN angel investors (Golden Triangle Angel Network) for its oversubscribed capital raise. Brian Hunter, President of NorthSpring said: “Our discussions with nurses and doctors confirmed to us that there is a huge unmet market opportunity for the company’s novel technology, which reduces pressure injuries in bedridden and chair bound patients. The neurostimulation device is the first product to address the underlying physiological pathway of pressure injury development, which is the lack of blood flow and oxygen to the tissue.