HOUSTON, June 1, 2021 /PRNewswire/ -- Allotrope Medical Inc., a medical device company whose FDA cleared product StimSite™ helps surgeons locate and identify ureters during pelvic surgery, announced the completion of an oversubscribed $4 million Series A financing. This round was led by Rockies Venture Club (RVC), with participation from notable investment groups including Aggie Angel Network, Bellingham Angels, Berkeley Angel Network, Kentucky Select Fund, MEDA Angels, Prosalus Capital, Seedfolio, Tech Coast Angels (Orange County and San Diego), and Texas Halo Fund among both existing and new investors.
"RVC was honored to be able to support Allotrope Medical and lead their Series A raise. Allotrope Medical is at an exciting inflection point and is showing no signs of slowing down. Oversubscribing a funding round amid a pandemic is no easy feat," said Dave Harris, RVC Director of Operations. Many physician led groups also invested in this round. "Allotrope's StimSite system is addressing ureteral identification and protection, a well-known surgical risk for physicians and their patients" said Rob Olson, Bellingham Angel Investor and retired OB/GYN. "In addition to lowering surgical risk, StimSite integrates seamlessly with the physician's existing workflow and tools, thereby streamlining adoption. In our assessment, these factors make StimSite an attractive product and Allotrope a promising investment".
"We are both humbled and excited to have the support of so many individuals and groups," said Albert Huang, MD, Founder and Chief Executive Office of Allotrope Medical. "With the financing of this round, we will continue to accelerate our commercialization plans and see our elegant and easy to use technology improve the surgical experience for physicians and patients across the US."
About Allotrope Medical
Allotrope Medical is a commercial stage medical device company that has developed StimSite™ – a FDA cleared smooth muscle stimulation device that leverages the surgeon's existing laparoscopic and robotic instruments to rapidly and safely help identify and locate the ureter during pelvic operations. StimSite™ connects with on-market surgical instruments with no modification to ensure seamless workflow integration and ease of universal connectivity and installation in any operating room in minutes.
Contact: [email protected]
SOURCE Allotrope Medical Inc