Spinal Singularity raises $3.1M
Spinal Singularity, a San Clemente, CA-based developer of a connected catheter, closed a $3.1M in equity funding.
The round was led by Baker & Eastlack Ventures with participation from Western Technology Investments, YCombinator, Santa Barbara Angels, OC Service Academy Angels, SV Tech Ventures, Storm Industries, Particular Ventures, IverNet Holdings and Angel Investors.
The company intends to use the funds for the clinical validation of the Connected Catheter™.
Founded in 2015 by Derek Herrera, and led by William ‘Bill’ Colone (CEO), Jeff Kasalko (Director of R&D), Stephanie Rallis (Director of Quality), and Shannon Metzger (Director of US Sales), Spinal Singularity is advancing the Connected Catheter, a fully internal, extended-use catheter system for adult males with chronic Lower Urinary Tract Dysfunction. Each Connected Catheter™ may last up to 29 days in the body and could replace as many as 200 disposable intermittent catheters.
The company, which has also earned over $500k in non-dilutive funding from sources including the NIH, NSF, IndieGoGo, the PrimeUC Competition (sponsored by Johnson & Johnson), and UCLA Business Plan Competitions, anticipates commencing First-in-Man Clinical testing in 2017 and intends to file for CE Mark approval and FDA clearance in 2018.
Read the article: http://www.finsmes.com/2017/10/spinal-singularity-closes-3-1m-seed-funding-round.html