German medtech startup Hemovent has just raised €2 million in an expansion of its Series A financing of €6 million in February 2016. Investors in the company include Seed Fonds Aachen, KfW-Bank, NRW-Bank, and MIG-Investmentfonds.
According to the company, it's device, an Extra Corporeal Membrane Oxygenation (ECMO) system is the world's smallest, fully portable device that can support or replace heart or lung function in the event of cardiac or respiratory failure. The device can act as artificial replacements for these organs for a limited time.
Because Hemovent's devices are only one-tenth the size of similar technologies, they allow for easy transport of patients from emergency sites or between hospitals. The devices are also supposed to cost about half the price of similar devices.
"Since April, we have carried out various in-vivo experiments, all of which have been positive," said CEO Christof Lenz to Greunderszene. "We want to bring our solution to the market quickly," he added. The startup is seeking legal approval of its devices, the CE certification, before its launches commercially.