Inova Labs, an Austin, Texas-based medical device company focused on developing innovative products for the Chronic Obstructive Pulmonary Disease (COPD) market, has secured an up to $17.5m Series B round of equity financing.
The company plans to use the capital to expand its commercial launch of the LifeChoice® Portable Oxygen Concentrator System and to bring its new devices to market.
In conjunction with the funding, Steve Salmon of Latterell Venture Partners and Geoff Pardo of Gilde Healthcare Partners will join Inova Labs’ board of directors.
Led by CEO John Rush, the company is marketing the LifeChoice® Portable Oxygen Concentrator System, an oxygen concentrator with FDA approval which delivers oxygen to the COPD patient using a proprietary “Pulse Wave” technology. The system also offers “Auto Mode” technology, which enables the patient to automatically receive the prescribed oxygen dose during periods of activity as well as sleep.
The product is approved by the FAA for air travel and is manufactured under strict ISO certification guidelines.