Navi Medical Technologies is pleased to announce that it has successfully raised $1.26 million as part of the first tranche of funding of our current fundraising round.
This latest round of funding, supported by the Australian Government Department of Industry, Science, Energy and Resources through the Accelerating Commercialisation Program, represents the first tranche of a larger Series A round which will help complete the next critical phase of product development work, as well as complete an upcoming interventional pilot study.
“The pilot study will be the first time our Neonav® ECG Tip Location System is used in an interventional setting, which will be a significant milestone for the development of our device,“ says Navi CEO Alex Newton, who is grateful to Navi’s investment and clinical partners for their ongoing support and is looking forward to the progress that will be made off the back of this recent capital raise,
Pictured: Navi CTO Mubin Yousuf and COO Shing Yue Sheung demonstrating the Neonav clinical prototype
“We’ve received an overwhelming amount of support from clinicians all over the world. The issue surrounding misplacement and migration of central catheters in newborn and pediatric patients is one experienced globally. With this new round of funding, we will be taking a big leap forward in bringing our technology to the USA and Australian markets, and start setting a new standard of care,” Newton said.
To date, Navi has raised over $3 million which has funded a number of clinical prototypes and clinical studies at the Royal Women’s Hospital in Melbourne, Australia.
Research and development of the Neonav® has been supported by like-minded investors such as Stephen Ho, who understands the positive impact technologies like the Neonav® will have on sick children globally,
Pictured left to right: Stephen Ho with Navi CEO Alex Newton
“I am a strong believer in supporting individuals and companies that want to make the world a better place. The team at Navi is something we should all get behind as they work to bring their innovation to life. This will help change the lives of the most vulnerable for the better, and ultimately for humanity.”
Navi will look to raise additional funding later this year in a second tranche to complete further product development work, and has started early discussions with interested investment partners.