OxiWear, an Arlington-based medtech startup, has raised $ 1.25 million seed financing continuous monitoring of oxygen and low-oxygen alerts to make them more effective.
The overfunding round, which exceeded its goal of $ 500,000, was led by GAP Funds ed Leonsis, The Paul & Rose Carter Foundation, Paul Caicedo, Future Communities Capital, Gaingels, Halcyon Fund, Hourglass Venture Partners, TiE DC and Boston Chapters and Tysons Angel Group. Ted Leonsis, founder and CEO of Monumental Sports & Entertainment, said about participating in the round:
“I have been proud and early in my work to save Shavini and his life and congratulate him on meeting his pre-grown funding goal, but decisively surpassing it. , and I’m happy to be with him every time he needs advice. ‘
OxiWear has been developing a portable oxygen control device for the ears since its inception in 2019. In addition to accurately measuring the oxygen saturation level of the device, it warns the user that when the oxygen level drops significantly, it is especially useful for patients and athletes. . Shavini Fernando, founder and CEO of OxiWear, said about the technology:
“OxiWear is a product I developed to help patients like me with pulmonary hypertension. Through our research, we have learned that there is a larger market for oxygen control, including elite athletes, high-altitude travelers, and patients with COPD, sleep apnea, and diseases such as Covid-19.
Funding will be used by OxiWear to promote efforts to develop products to bring to market as well as enter the beta test phase, which will allow the device to be released by 2022. -measuring accuracy and warning features of the device will make it a major player medtech and solutions on the sporttech market fail in at least one of these categories.