Fifth Eye, an Ann Arbor, Michigan-based startup, has raised an $11.5 million Series A funding round spearheaded by Arboretum Ventures and Cultivation Capital. MINTS (Michigan Investment in New Technology Startups), the direct investing arm of the University of Michigan’s endowment, also participated. Additional money came from previous investor Invest Michigan and 35 private angel investors.
The company offers a real-time early warning system to hospitals. More specifically, its system works to detect the emergence of hemodynamic instability, which is when blood flood to vital organs degrades to levels that are inadequate to support organ functions. Hemorrhage, post-operative bleeding, acute brain injuries and respiratory challenges can all cause hemodynamic instability.
Fifth Eye’s tool utilizes a single existing electrocardiogram waveform to do its job. It provides continuous patient assessment, real-time treatment feedback and historical trends.
Ultimately, the goal is to inform the clinical team of any impending problems with the patient’s health such as sudden low blood pressure, cardiac arrest or heart failure.
“There is no question that early detection of hemodynamic instability can have a meaningful impact for both patients and providers,” Cultivation Capital managing director Bill Schmidt said in a statement.
The Ann Arbor startup intends to use $11.5 million to secure FDA clearance of its first product, which is called the Analytic for Hemodynamic Instability. It will also use the money to support clinical studies with health systems and enable AHI’s commercial launch.
“We are excited to have the strong support of such experienced health care investors as we bring our newly developed medical device software product through the FDA clearance process and into the hands of hospitals in the next two years,” Fifth Eye CEO Jen Baird said in a statement. “Saving lives is what motivates both our team and our clinical champions. This capital round gives us the fuel to accomplish those goals.”
The company, which was founded in 2017, licensed technology from the University of Michigan. Last summer, it secured a $2.36 million investment from Biosciences Research and Commercialization Center, Invest Michigan and 33 private investors, according to MITechNews.com.
Photo: bayhayalet, Getty Images