Raydiant Oximetry Raises $5M in Series A2 Financing

Fogarty Innovation, a nonprofit educational incubator for medical technology companies, announced today that its graduate, Raydiant Oximetry, Inc., raised a $5m Series A2 financing.

The round was led by Avestria Ventures, with participation from KOFA Healthcare, V-Capital, Band of Angels, FemHealth Ventures, RHIA Ventures and SteelSky Ventures. 

Led by Neil Ray, MD, founder and CEO, Raydiant Oximetry is a San Ramon, CA USA-based clinical-stage medical device company focused on improving women’s and neonatal health. Its innovation is LUMERAHTM, the non-invasive fetal oximeter designed to detect fetal distress during labor and delivery. It is an investigational medical device that is not currently approved for commercial sale.

The company intends to use the funds to complete a clinical study at the University of Texas Medical Branch (UTMB) in Galveston, Texas. UTMB is one of 12 clinical research centers established by the NIH Maternal-Fetal-Medicine Network to promote clinical studies during pregnancy. The principal investigator for the study is Dr. George Saade, the Chief of Maternal Fetal Medicine at UTMB.