ALung Technologies, Inc., a Pittsburgh, PA-based developer of innovative respiratory assist devices, closed a $15.8m Series B-1 financing round.
The round was led by Allos Ventures with participation from West Capital Partners, Birchmere Ventures, BlueTree Capital Group, PLSG Accelerator Fund, Smithfield Trust Company, and additional private investors.
The company intends to use the funds for the ongoing global commercialization of the Hemolung Respiratory Assist System (RAS), a new extracorporeal carbon dioxide removal (ECCO2R) system that provides a dialysis-like alternative or supplement to mechanical ventilation. ALung has established direct commercial operations in Germany, France, and the United Kingdom, and is entering additional markets in conjunction with distribution partners.
Founded in 1997 and led by Peter DeComo, Chairman and CEO, ALung is a spin-out of the University of Pittsburgh.
To date, the company has raised a total of $56m in equity capital.