Flosonics Medical Secures $7.5 Million CAD Venture Debt

Canadian medical device innovator Flosonics Medical has secured $7.5 million CAD in venture debt financing from RBCx. The financing and specialized support will help Flosonics Medical improve patient outcomes through non-invasive, data-driven solutions that empower clinicians to make faster, more informed bedside decisions.

“We’re thrilled to be working with RBCx as we bring FloPatch to more hospitals across North America and beyond,” Flosonics Medical Co-Founder/CEO Joe Eibl said. “This financing allows us to accelerate our mission of equipping healthcare providers with the tools they need to deliver the highest quality of care possible while improving operational efficiencies in hospitals.”

Sepsis is a critical health challenge, affecting over 75,000 patients annually in Canada¹ and 1.7 million in the United States, with mortality rates that make it one of the leading causes of in-hospital deaths in the United States.² Traditional Doppler ultrasound machines, which can assess blood flow and vascular conditions, can be cumbersome and time-intensive, making them less accessible in fast-paced environments such as emergency departments and intensive care units. FloPatch is a wireless, wearable Doppler ultrasound device that conducts rapid, repeatable hemodynamic assessments to understand a patient’s fluid responsiveness, allowing clinicians to deliver timely and effective interventions. By streamlining critical decisions, FloPatch helps healthcare providers optimize sepsis care, reduce fluid-related complications, and improve patient outcomes.

Related: Flosonics Procures $20 Million in Series C Funding

RBCx is the first tech and innovation banking arm under a Canadian bank with a dedicated life science credit advisory team that provides debt financing to pre-revenue, venture-backed life sciences companies. This type of unique servicing model provides companies like Flosonics Medical with access to capital while they scale operations and refine their innovative solutions. RBCx’s venture debt financing is designed to support venture-backed life science startups at every stage of growth, from pre-clinical to commercial. In doing so, RBCx is helping to address the significant investment gaps and funding resources available in the capital-intensive sector.

Led by Anne Woods, Managing Director of RBCx’s national Life Sciences practice, the team combines tailored financing with strategic expertise to enable the next generation of healthcare companies.

“Flosonics Medical is a great example of the transformative potential of Canada’s life sciences sector, and we’re longtime supporters of their mission,” Woods stated. “We’re proud to back the scaling ambitions of companies like Flosonics Medical with the capital they need to improve patient care through bold innovations like FloPatch.”

With this financing, Flosonics Medical is poised to expand the reach of FloPatch and further solidify its position as a Canadian leader in life sciences innovation.

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering performance. As Canada’s biggest bank and one of the largest in the world based on market capitalization, Royal Bank of Canada has a diversified business model with a focus on innovation and providing exceptional experiences to its more than 19 million clients in Canada, the United States, and 27 other countries.‎

RBCx—the tech and innovation banking arm of RBC—powers bold ideas, founders, and technology companies. Its four pillars—Banking, Capital, Platform, and Ventures—combine to support businesses of all sizes and stages, and help them solve significant problems.

Flosonics Medical is a Canadian medical device company engaged in ultrasound technology R&D. Founded in 2015, the company’s mission is to improve patient care and the practice of medicine through technology-enabled solutions and clinical research.

References
¹ https://ohfoundation.ca/all-about-sepsis/
² https://www.cdc.gov/media/releases/2023/s0824-sepsis-patients.html