Philips and UPMC have co-led a funding round for ALung Technologies, a Pittsburgh University spinout working on treatments for acute respiratory failure.
ALung Technologies, a US-based medical device manufacturer spun out of Pittsburgh University, attracted $36m in series C funding on Tuesday from a consortium co-led by conglomerate Philips.
UPMC Enterprises, the commercialisation arm of Pittsburgh University’s Medical Centre, co-led the round, which also featured Abiomed, Accelerator Fund, Allos Ventures, Birchmere Ventures, Blue Tree Ventures and Riverfront Ventures.
The series C round included existing convertible notes, though details have not been confirmed.
Founded in 1997, ALung has developed technology dubbed respiratory dialysis…
