CoapTech Raises $7M in Series B Funding
Led By Hunniwell Lake Ventures
August 28, 2020
CoapTech is proud to announce the closing of a Series B investment round totaling $7 million, led by medical device venture capital firm Hunniwell Lake Ventures. Funds will go towards commercializing the first FDA-cleared, ultrasound-based system for feeding tube placement.
By rethinking gastrostomy procedures to the point where they can be conducted at the patient’s bedside with ultrasound, hospitals using PUMA-G benefit by freeing up surgical suites and personnel resources for COVID and other clinical priorities, minimizing cross-contamination, and improving efficiencies in care.
“We have been receiving fantastic feedback from hospitals in our initial launch program, which is using the PUMA-G System to revolutionize feeding tube placement. By using ultrasound at the patient bedside, rather than the conventional approach of orchestrating expensive and inefficient consults, critical care physicians are completing these procedures in minutes, on the same shift a feeding tube is first indicated. We’re seeing early indications those efficiencies result in patients leaving the ICU sooner, which saves hospitals many thousands of dollars per admission. A substantial portion of this new funding is from physicians who have seen the device and believe it can become the new default method for feeding tube placement.” - Howard Carolan, CEO and Co-Founder
“the PUMA-G System is proving itself ready for standard-of-care adoption for safe and timely gastrostomy tube placement. It is also proving a powerful approach in the fight against COVID, by completely eliminating the transport of patients, team members, and reprocessed tools throughout the hospital in favor of a sterile, disposable, bedside solution. I am also very excited about other clinical applications of the PUMA platform we are developing and aim to have for patients in the near future.” - Dr. Steven Tropello
This Series B investment was led by Hunniwell Lake Ventures, a Palo Alto-based medical device venture capital firm.
