RICHMOND, CA, BroadSpot has expanded the second tranche of its Series A funding for a total closing of $8.6M.
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BroadSpot Imaging Corporation, a medical device company focused on transforming patient access to superior eye-based diagnostics for ophthalmic and other medical conditions, has expanded the second tranche of its Series A funding for a total closing of $8.6M. BroadSpot will use the funds to manufacture and launch its first suite of low cost, ultrawidefield imaging devices and related software services. Phoenix Venture Partners (PVP), a leading venture capital firm with domain expertise in optics and advanced materials, led the expanded Series A financing. PVP was joined in making successive investments by Camino Real Capital Partners (CRCP), and welcomed new investors, BlueStone Venture Partners (BlueStone) and Burwell Investments into the expanded second tranche.
"We are extremely pleased to have the ongoing support of PVP and CRCP, with the added investment and collaboration from BlueStone and Burwell Investments. As we transition from R&D to manufacturing and commercial launch, we are fortunate to have these engaged partners offering their extensive operational experience along with strategic connections that will continue to foster BroadSpot's progress and success," said CEO Bart Bandy.
BroadSpot Imaging Corporation, based in Richmond, California, leverages its novel optics and software technologies to deliver low cost, portable diagnostic devices with advanced imaging capabilities. The company's technologies expand patient access and improve efficiency of medical examinations in existing and emerging eye care settings.
"Our mission is to make medical eye care more accessible, more efficient and more affordable, and our investors support that mission," said ophthalmologist Tushar Ranchod, MD, Founder and CTO of BroadSpot Imaging. "Our investors have proven to be invaluable partners and advisors and we are pleased to have them beside us as we pass the inflection point towards commercialization."
"Our continued investment reaffirms our commitment to the BroadSpot team and vision," commented Zach Jonasson, Managing Partner of PVP. "We believe BroadSpot's portable, ultrawidefield, imaging platform is poised to significantly expand ophthalmic care, broaden diagnostic screening, and reduce overall healthcare costs."
Thomas R. Nickoloff, co-founder and Managing Director of BlueStone Venture Partners will be joining BroadSpot Imaging Corporation's Board of Directors. The company's Board also includes, Dr. Zach Jonasson from Phoenix Venture Partners, Dr. Frank Levinson, who was an early investor in the company and Jim Taylor, former CEO of Carl Zeiss Meditec and Oraya Therapeutics.
Mr. Nickoloff adds, "BlueStone has been closely monitoring the development of BroadSpot for some time now and we have been particularly impressed by the technical team and their ability to address challenges and meet or exceed milestones. With much of the technical risk in developing these truly transformative technologies behind the company, which we believe will disrupt the market and fundamentally improve patient outcomes, we are proud to join this distinguished investor group and the company Board of Directors as BroadSpot prepares to launch commercially."
Through groundbreaking improvements in clinical and business models for eye care diagnostics and expanding technology access for doctors and patients, BroadSpot Imaging is poised to define a new category of ophthalmic and optometric diagnostic device/service just as aging demographic shifts predict a significant escalation in eye care needs.
About BroadSpot Imaging Corporation
BroadSpot Imaging Corporation is developing a suite of diagnostic medical devices and services for eye care. BroadSpot Imaging leverages advanced imaging technologies and small-scale, cloud-connected electronics to replace bulky, expensive diagnostic instruments with cost-effective handheld instruments and a series of valuable services. The company's technologies will fundamentally improve how eye care is delivered worldwide by delivering a unique value proposition: eye doctors can expand patient access to medical eye care with devices and services that are portable, comprehensive and lower cost than existing products.
About Phoenix Venture Partners
Phoenix Venture Partners (PVP) is a leading venture capital firm that partners with entrepreneurs to commercialize breakthrough materials science and device innovations. PVP's team has a track record of founding, building, growing, and investing in successful start-ups. PVP is based in Silicon Valley with satellite offices in Seattle and Cambridge, MA. For more information, please visit www.phoenix-vp.com.
About Camino Real Capital Partners
Camino Real Capital Partners, LLC (CRCP) is a private venture capital investment firm located in Santa Fe, New Mexico. The firm's mission is to invest in America's best innovators and emerging technologies, with an emphasis on developing relationships, growth opportunities and value. CRCP focuses on investments in platform technologies, emerging medical device and life science innovations and transformative materials breakthroughs, where the firm seeks experienced teams, value, growth and capital appreciation for all stakeholders.
About BlueStone Venture Partners
BlueStone Venture Partners is a venture capital firm that teams with inspired entrepreneurs to develop their visions to build industry-leading companies in business to business market segments. BlueStone provides strategic capital and support to early-stage life science companies in the medical devices, health IT, advanced materials and molecular diagnostics fields. BlueStone is based in Tucson, Arizona and Santa Fe, New Mexico.