Cheetah Medical said today it raised $11.8 million in an expanded Series C funding round as it looks to grow its US footprint.
Financing was provided by existing investors including MVM Life Science Partners, Springfield Investment Management, Fletcher Spaght Ventures, HighCape Partners and Robert Basch Venture Capital, the Newton, Mass.-based company said.
Cheetah Medical provides noninvasive hemodynamic monitoring devices and systems, including its Cheetah Nicom and Starlin SV technologies, which operate around a proprietary algorithm designed to allow physicians to examine a patient’s full hemodynamic profile.
“This additional funding will enable us to accelerate investment in our U.S. sales and marketing efforts which are already driving exciting revenue growth. We believe the recent publication of a key clinical study from the University of Kansas Medical Center, which demonstrated the value of a resuscitation strategy guided by the optimization of stroke volume for sepsis patients, will fuel greater demand for the Cheetah Nicom and Starling SV monitoring solutions and support an increased field presence,” prez & CEO Chris Hutchison said in a press release.
Last July, Cheetah Medical said it inked a supplier contract with non-for-profit healthcare system Allina Health.
Through the contract, Minnesota and western Wisconsin based Allina Health will gain access to Cheetah Medical’s hemodynamic monitoring solutions to help guide volume management decisions in septic patients, Cheetah Medical said.