Triangle Venture Alliance has made its inaugural investment, backing medical device manufacturer 410 Medical.
Triangle Venture Alliance (TVA), a partnership fund between angel networks at four North Carolina-based universities, joined a $5.4m series A round for US-based medical device developer 410 Medical today.
TVA and unnamed investors provided $2.1m in an extension, adding to $3.3m original tranche in March led by venture capital firm Bios Partners, with participation from Sovereign’s Capital. The latest release however put the cumulative figure at $5.3m.
The investment is the first for TVA, a network formed in March between Duke University, University of North Carolina (UNC) at Chapel, North Carolina (NC) State University and North Carolina Central University.
Founded in 2013, 410 Medical has developed a device, called LifeFlow Rapid Infuser, for delivering fluids to patients with life-threatening conditions such as severe sepsis, often responsible for the death of hospitalised patients.
The company was founded by Mark Piehl, clinical associate professor of paediatrics in the Department of Pediatrics at UNC’s School of Medicine and an assistant professor of medicine at Duke University’s School of Medicine.
Piehl, who is also a paediatric intensive care physician at WakeMed Children’s Hospital, acts as chief medical officer of 410 Medical.
410 Medical is looking to use the series A money to continue the rollout of LifeFlow to emergency rooms and hospitals across the US after a limited market release and early evaluation scheme in November 2016.
Kyle Chenet, CEO of 410 Medical, said: “410 was started in North Carolina and LifeFlow is manufactured here.
“Adding UNC, Duke and NC State, through the Triangle Venture Alliance, to our investor syndicate further strengthens our foundation in North Carolina and expands our access to an exceptional network of clinicians, investors and other professionals who are part of these outstanding institutions.”
