Launched through the Chicago-based health-tech incubator Matter, medical device start-up, Simergent, LLC, recently closed a $2.835M round of seed funding on April 18.
Led by Oklahoma-based i2E, Inc. with an investment of $1.475 million, the round also included contributions from the Oklahoma Seed Capital Fund for $750,000, the Oklahoma Angel Fund for $500,000 and the i2E-managed SeedStep Angels for $225,000.
The company intends to use this recent round of funding to complete design, manufacturing, and regulatory testing activities required for FDA clearance.
Simergent’s Archimedes automated peritoneal dialysis (APD) device is intended to provide patients who require kidney dialysis a safe, effective, affordable, alternative to clinical treatment.
Globally 8-10% of the population suffers from some form of renal failure1. Millions die annually due in part to challenges associated with the prohibitively high costs and access to appropriate care. In the US, 7% of the Medicare budget (over $35B) is spent annually on dialysis patients who comprise 1% of all Medicare patients. Simergent’s goal is to help improve the outcomes for such patients and reduce health care costs through the implementation of their automated peritoneal dialysis therapy not only in the US but also in emerging markets throughout the world.
“Anyone who wants to perform dialysis at home should have the opportunity to do so. Simergent’s Archimedes system should help stem the tide of rapidly increasing Medicare and private insurance dialysis expenditures. With recent market trends moving toward home dialysis, we feel Simergent is uniquely positioned to disrupt the global dialysis market,” said CEO, Steve Lindo in a recent press release.
Founders, Steve Lindo (CEO) and Dr. Rick Pendergraft (CTO), leveraged their collective experience in R&D, systems and design engineering, software and product development in the medical device industry to set up Simergent in late 2014.
Visit www.simergent.com to learn more about this company.
1. World Kidney Day: Chronic Kidney Disease. 2015; http://www.worldkidneyday.org/faqs/chronic-kidney-disease/ .
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