Inova Labs, Inc., an Austin, Texas-based developer, manufacturer and supplier of medical devices, closed a $10.0m Series A equity financing.
Investors include funds affiliated with Three Arch Partners, based in Silicon Valley, California.
The proceeds from the funding will be used for nationwide and international sales expansion of its LifeChoice® portable oxygen concentrator product line, continuation of next stage developments, and working capital.
Commenting on the round, David Shockley, President and Chief Executive Officer of Inova Labs, was quoted as waing: “We are pleased to complete this equity financing, and we especially appreciate the support of Three Arch Partners.
“The LifeChoice product line is manufactured in Austin, Texas, and with our expansion, we will immediately begin hiring additional sales, marketing, product engineers, manufacturing-related employees in supervisory positions, and others, for an estimated additional 75 jobs over this next year”, he added.
In conjunction with the funding, Dr. Richard Lin, Partner at Three Arch Partners, will be joining Inova’s board of directors.