Raydiant Oximetry Attracts $7.5 Million in New Funding

Raydiant Oximetry Inc. has oversubscribed a $7.5 million Series A3 extension round led by Cross-Border Impact Ventures (CBIV), a women-owned venture capital fund that focuses on women’s and children’s health.¹ The round was syndicated by RH Capital, Global Health Impact Fund, VCapital, and the March of Dimes Innovation Fund.

“We are proud to lead this oversubscribed round with such an aligned group of co-investors. The company’s products have tremendous potential to generate strong returns for our fund while saving and improving the lives of women and children in multiple markets globally,” CBIV Managing Partner Annie Thériault said. “We have been following Raydiant Oximetry for over four years and are continuously impressed with the team’s ability to innovate and execute.”

The Series A3 funds will be used to support two clinical studies of the Lumerah and Daisy technologies. Both clinical studies are taking place at Eastern Virginia Medical School (EVMS) in Norfolk, Va., under the direction of Dr. George Saade, chair of Obstetrics & Gynecology, associate Dean for Women’s Health at EVMS and the editor-in-chief for the American Journal of Perinatology.

Lumerah is a non-invasive fetal pulse oximeter that improves fetal distress detection during labor and delivery by measuring the fetal blood oxygen saturation. Lumerah received breakthrough device designation for expedited approval by the U.S. Food and Drug Administration, and recently received Investigational Device Exemption (IDE) approval to initiate an Early Feasibility Study (EFS) of pregnant women during labor and delivery. Investigators enrolled the first Lumerah study participant on May 15.²

Daisy is a surgical device designed to quantify blood loss, treat uterine atony and prevent post-partum hemorrhage (PPH) after a C-section delivery. Globally, a new mother dies every four minutes due to PPH,³ a condition that Raydiant Oximetry is aiming to address with its technology. Trial administrators enrolled the first Daisy study participant on May 22, 2024.⁴

“The current status quo is unacceptable given the current progress we have made with technological advances in healthcare,” stated Gary Goldman, M.D., founder and current managing partner of Global Health Impact Network & Fund and a retired obstetrical anesthesiologist. “Raydiant Oximetry’s technology allows us to more effectively and non-invasively monitor fetal well-being and maternal status during the labor process, resulting in earlier intervention and better obstetric outcomes globally. I have little doubt that Lumerah and Daisy can become the standard of care for all childbirths worldwide.”

“We are honored to partner with funds that recognize the life-saving potential of our groundbreaking devices and share our mission, vision and values,” Raydiant Oximetry Founder/CEO Neil P. Ray, M.D., concluded. “We look forward to collectively advancing an exciting new chapter of value creation in women’s health.”

Raydiant Oximetry is a venture-backed, clinical-stage company dedicated to improving outcomes for mothers and babies during childbirth. The company was founded by Ray, a pediatric anesthesiologist, to find a solution to the pervasive problem of identifying fetal distress and potentially avoiding medically unnecessary C-sections, which can have short- and long-term implications for the mother and child. The company has developed two innovative technologies, Lumerah, a low-cost, non-invasive sensor that continuously monitors fetal oxygenation during labor, and Daisy, a novel surgical device designed to quantify blood loss, treat uterine atony and prevent post-partum hemorrhage (PPH) after a C-section delivery. 

References
¹ https://www.businesswire.com/news/home/20240125666533/en/Cross-Border-Impact-Ventures-Exceeds-90-Million-in-Final-Close-of-Its-Women%E2%80%99s-and-Children%E2%80%99s-Health-Technology-Fund 
² https://clinicaltrials.gov/study/NCT06405984 
³ PMID: 17012482
⁴ https://clinicaltrials.gov/study/NCT06219538