Raydiant Oximetry, a clinical-stage medical device company focused on improving outcomes for mothers and babies during childbirth has closed an oversubscribed $7.5 million Series A3 extension round. The round was led by Cross-Border Impact Ventures (CBIV), a VC fund focused on the health of women and children worldwide. The round also included participation from RH Capital, Global Health Impact Fund, VCapital, and the March of Dimes Innovation Fund.
“We are proud to lead this oversubscribed round with such an aligned group of co-investors. The company’s products have tremendous potential to generate strong returns for our fund while saving and improving the lives of women and children in multiple markets globally,” says Annie Thériault, Managing Partner at CBIV. “We have been following Raydiant Oximetry for over four years and are continuously impressed with the team’s ability to innovate and execute.”
The Series A3 funds will support two clinical studies of Raydiant Oximetry’s Lumerah and Daisy technologies. These studies are being conducted at Eastern Virginia Medical School (EVMS) in Norfolk, Virginia, under the leadership of Dr. George Saade, Chair of Obstetrics & Gynecology, Associate Dean for Women’s Health at EVMS, and Editor-in-Chief of the American Journal of Perinatology.
Lumerah is a non-invasive fetal pulse oximeter designed to improve the detection of fetal distress during labor and delivery by measuring fetal blood oxygen saturation. The device received breakthrough designation for expedited approval by the United States Food and Drug Administration (FDA) and recently obtained Investigational Device Exemption (IDE) approval to commence an Early Feasibility Study (EFS) involving pregnant women during labor and delivery. The first participant for the Lumerah study was enrolled on May 15, 2024.
Daisy is a novel surgical device intended to quantify blood loss, treat uterine atony, and prevent postpartum hemorrhage (PPH) after a C-section delivery. Globally, a new mother dies every four minutes due to PPH, a condition that Raydiant Oximetry aims to address with its innovative technology. The first participant for the Daisy study was enrolled on May 22, 2024.
Gary Goldman, MD, founder and current managing partner of Global Health Impact Network & Fund and a retired obstetrical anesthesiologist, commented, “The current status quo is unacceptable given the current progress we have made with technological advances in healthcare. Raydiant Oximetry’s technology allows us to more effectively and non-invasively monitor fetal well-being and maternal status during the labor process, resulting in earlier intervention and better obstetric outcomes globally. I have little doubt that Lumerah and Daisy can become the standard of care for all childbirths worldwide.”
Neil P. Ray, MD, founder and CEO of Raydiant Oximetry, added, “We are honored to partner with funds that recognize the life-saving potential of our groundbreaking devices and share our mission, vision, and values. We look forward to collectively advancing an exciting new chapter of value creation in women’s health.”
