Raydiant Oximetry has received an investment from the March of Dimes Innovation Fund to kick off its Series B financing round. The launch of the Series B round comes after a successful clinical study of LUMERAH, Raydiant Oximetry’s technology, which demonstrated a 95% sensitivity and 84% specificity for detecting fetal distress. These results could significantly improve outcomes for mothers and babies during childbirth over current fetal monitoring technology, which only provides 85 to 90% sensitivity and 29 to 40% specificity for detecting fetal distress.
As the second investment from the March of Dimes Innovation Fund, this partnership aims to help obstetric care providers make better-informed decisions for maternal-fetal clinical management during labor and delivery. Raydiant Oximetry aims to raise $25 million as part of its Series B funding round to complete the commercial product development effort and launch a pivotal trial to support FDA clearance. The LUMERAH clinical study was conducted at the University of Texas Medical Branch (UTMB) in Galveston, Texas.
Raydiant Oximetry founder and CEO Neil P. Ray, MD said he is honored to partner with a venerable organization such as March of Dimes. “This is an institution that has improved the healthcare of millions of mothers and babies,” said Dr. Ray. “This investment, following our clinical study results, will help support our ongoing development efforts to bring LUMERAH to market.”
Dr. Elizabeth Cherot, Senior Vice President & Chief Medical and Health Officer of March of Dimes, adds: “As the leading organization fighting to end preventable maternal and infant death and illness, our investment in Raydiant Oximetry furthers our commitment to address the most pressing challenges facing moms and babies. As our second Innovation Fund investment, it is our hope that this partnership will help obstetric care providers make better-informed decisions for maternal-fetal clinical management during labor and delivery.”