RenovoRx Inc secured $1.15 million to close its Series B funding round. Based in Silicon Valley, RenovoRx is a privately-owned medical device firm that develops novel catheter technologies that allow direct and localized fluid delivery to the peripheral vessels. Backed by groups of professional angel investors, RenovoRx was founded in 2009.
Golden Seeds, one of the biggest and most active angel group in the US, led the oversubscribed round. All of the existing major investors of the medical device maker participated in the latest financing. These investors included The Angels' Forum, Halo Fund and Sand Hill Angels. Two new investors, Astia Angels and Amidzad Partners, also supported RenovoRx.
In the statement about the funding, RenovoRx said that with the Series B round closed, the company will be in the best position to push through with its strategy of immediately and efficiently bringing to market the company's innovative technology.
RenovoRx CMO Ramtin Agah said in the statement, "Current catheter technology falls short of meeting the clinical need for selective and targeted delivery of therapeutic agents to visceral organs; RenovoRx is poised to address this unmet need."
Golden Seeds Managing Director Ted Hayes said RenovoRx will be opening new treatment options for both patients and doctors. The Golden Seeds' Angel Network, with its close to 300 members, is one of the biggest in the US. It has chapters in New York, Boston, Silicon Valley and Texas but also has other members in other locations all over the country.
RenovoRx CEO Marta Gaia Zanchi said, "The leading position of Golden Seeds in our highly experienced investor base validates our lean organizational model and the significant opportunity to advance patient care with our fluid delivery device and method. This funding will support our important milestones and enable us to meet the compelling clinical need for our system in 2014."
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