Home Health Allotrope Medical Gained Momentum by Raising $4 Million in Series A Financing

Allotrope Medical Gained Momentum by Raising $4 Million in Series A Financing

by PrittlePrattleNews

Allotrope Medical Inc., a medical device company whose FDA cleared product StimSite™ helps surgeons locate and identify ureters during pelvic surgery, announced the completion of an oversubscribed $4 million Series A financing. This round was led by Rockies Venture Club (RVC), with participation from notable investment groups including Aggie Angel Network, Bellingham Angels, Berkeley Angel Network, Kentucky Select Fund, MEDA Angels, Prosalus Capital, Seedfolio, Tech Coast Angels (Orange County and San Diego), and Texas Halo Fund among both existing and new investors.

Allotrope Medical Closes Oversubscribed Series A Investment Round

“We are both humbled and excited to have the support of so many individuals and groups,” said Albert Huang, MD, Founder and Chief Executive Office of Allotrope Medical. “With the financing of this round, we will continue to accelerate our commercialization plans and see our elegant and easy to use technology improve the surgical experience for physicians and patients across the US.”

“RVC was honored to be able to support Allotrope Medical and lead their Series A raise. Allotrope Medical is at an exciting inflection point and is showing no signs of slowing down. Oversubscribing a funding round amid a pandemic is no easy feat,” said Dave Harris, RVC Director of Operations. Many physician led groups also invested in this round. “Allotrope’s StimSite system is addressing ureteral identification and protection, a well-known surgical risk for physicians and their patients” said Rob Olson, Bellingham Angel Investor and retired OB/GYN.  “In addition to lowering surgical risk, StimSite integrates seamlessly with the physician’s existing workflow and tools, thereby streamlining adoption.  In our assessment, these factors make StimSite an attractive product and Allotrope a promising investment”.

About Allotrope Medical

Allotrope Medical is a commercial stage medical device company that has developed StimSite™ – a FDA cleared smooth muscle stimulation device that leverages the surgeon’s existing laparoscopic and robotic instruments to rapidly and safely help identify and locate the ureter during pelvic operations. StimSite™ connects with on-market surgical instruments with no modification to ensure seamless workflow integration and ease of universal connectivity and installation in any operating room in minutes.

Allotrope Medical is dedicated to assisting surgeons in identifying the ureter safely and efficiently during pelvic operations. The company’s first product, StimSiteTM, is intended to aid surgeons in the critical step of ureter identification in the millions of procedures performed each year. It received funding from Y-Combinator, a Mountain View, CA-based venture capital firm that invested in Door Dash, Dropbox, and Airbnb. Top Innovation was named a panel of expert surgeons at SAGES (Society of American Gastrointestinal and Endoscopic Surgeons). It was also a previous runner-up in the MedTech Innovator competition, competing against over 600 companies worldwide, and won first place in the 2020 Texas A&M New Ventures Competition.

Disclaimer: The following Press Release comes to you under a network of a strategic syndication partnership with PR Newswire. Prittle Prattle News takes no editorial responsibility for the same.

rt

You may also like

Our Company

Prittle Prattle News also known as PP News, is an internationally most reliable business online news portal – prittleprattlenews is among trusted, respected, and fastest-growing online news portals. 

@2021 – All Right Reserved. Designed and Developed by Prittle Prattle