VisionTech Portfolio Company FAST BioMedical Secures $8 Million in New Funding
CARMEL, IND. (May 3, 2017) FAST BioMedical, Inc., a VisionTech Partners portfolio company, announced it has secured $8 million of additional financing. $5 million comes from a Series A2 financing led by one new investor, F&M Investment Office. This financing augments $3 million of grant funding received as a competing renewal award from the National Institute of Diabetes and Digestive and Kidney Diseases at the National Institutes of Health. The proceeds will primarily be used to advance clinical trials of the company’s technology as well as to hire additional talent and advance the company’s global patent portfolio.
FAST BioMedical is one of VisionTech Partners original investments, dating back to June 15, 2011 when the angel investing group operated as StepStone.VisionTech Partners has since made follow-on investments in FAST BioMedical through its angel investing group, VisionTech Angels.
“This financing is an important and validating step to continue our progress,” said FAST BioMedical Chief Executive Officer Joe Muldoon. “We have already begun adding talent to the team, and are excited about their ability to immediately add value.”
“FAST BioMedical has enormous potential to serve large unmet medical needs with its innovative technology,” said Mr. McClure, President of F&M Investment Office. “We are delighted to partner with them, and see great promise in the ability to favorably impact critical patient care.”
FAST BioMedical is a private, clinical-stage medical technology company in Carmel, Indiana. The company’s globally patented first-in-class technologies directly measure blood volume and kidney function in a clinically viable way. This has the potential for profound impact on care of congestive heart failure, major surgery, sepsis, critical care, and kidney disease patients. The company has been financially supported by the NIH, Elevate Ventures, the Indiana 21st Century Fund, Rose-Hulman Ventures, BioCrossroads, Indiana University Medical Group, The Purdue Foundry Fund, Ellipsis Ventures, VisionTech Partners, and private family office investors. The FDA has determined the company’s technology meets the requirements for an Expedited Review.
These products are investigational and not yet approved for human use.