XII Medical Completes $30 Million Series A Financing

World-class investor syndicate supports best-in-class, patient-centric solution for obstructive sleep apnea

UNION CITY, Calif., May 5, 2022 /PRNewswire/ -- XII Medical, Inc., a private health technology company, today announced the closing of a $30 million Series A equity financing with a world-class syndicate of healthcare investors. Ajax Health led the financing, with co-lead Broadview Ventures and participation from founding investor Cleveland Clinic, as well as Aperture Venture Partners, JobsOhio Growth Capital Fund, CincyTech, and an undisclosed strategic investor. Funds will be utilized to advance the development of a proprietary, state-of-the-art, patient-centric solution for the millions of people suffering from obstructive sleep apnea.

"We are thrilled to collaborate with an exceptional investor group with a track record of success, and we appreciate the considerable leverage we gain from their collective expertise, insight and resources," said Garrett Schwab, President and CEO of XII Medical. "This financing enables us to drive rapidly forward with our innovative approach to treating obstructive sleep apnea."

Obstructive sleep apnea (OSA) is a disorder in which the muscles in the throat temporarily relax, causing blockage of the airway during sleep. It is estimated that 425 million people, globally, have moderate to severe OSA requiring treatment.¹ Current treatment options have poor compliance or require invasive surgery, leaving a significant number of patients untreated, undertreated and at risk of severe health complications.

"As a physician, entrepreneur and investor with decades of experience advancing the standard of care for patients with airway disorders, I am excited by the potential for the thoughtfully designed XII Medical approach to become the preferred solution for patients for whom current OSA treatments are inadequate or intolerable," commented Anthony Natale, M.D., Managing Partner at Aperture Venture Partners and Executive Chairman of XII Medical.

Duke Rohlen, Founder and CEO of Ajax Health stated, "The success of a company comes down to making the vector toward value creation as straight and focused as possible. This cannot be done without a core group of people who have tremendous experience and share a unified commitment to hard work. I believe the team and the technology at XII Medical are poised for excellence and I am proud to be part of this groundbreaking innovation."

About XII Medical
Founded in 2017 and headquartered in Union City, California, XII Medical, Inc. is a health technology company revolutionizing the treatment of obstructive sleep apnea. Privately held, the company is backed by Ajax Health, Cleveland Clinic, Aperture Venture Partners, Broadview Ventures, JobsOhio Growth Capital Fund, CincyTech, and an undisclosed strategic investor. Visit https://www.xiimedical.com/ for more information.

About Ajax Health
Ajax Health seeks to identify, invest in, and scale disruptive technologies in the healthcare space. Taking an active operating role, the Ajax team has a proven track record of helping companies of all sizes, stages, and structures achieve their value-creation goals. Ajax is headquartered in Menlo Park, CA.

1. Benjafield, AV, Tayas NT, Eastwood PR, et al. Estimation of the global prevalence and burden of obstructive sleep apnoea: a literature-based analysis. Lancet Respir Med. 2019 Aug; 7(8): 687–698.

SOURCE XII Medical, Inc.