Spaulding Medical
Our team advised Spaulding Medical on securing growth financing from a private investor group.
Transaction Details
Capital Raise Advisor
Year: 2021
Hedquarters: Menomonee Falls, WI
Client: Spaulding Medical
Industry: Technology & IT Services
Website: www.spauldingmedical.com
Overview
Completed by the Vantage Investment Banking team under a prior firm, Spaulding Medical (“Spaulding”), a developer of an evolutionary mobile cardiac device, has secured growth financing from a private investor group.
About Spaulding Medical
With headquarters in West Bend, Wisconsin, Spaulding Medical has developed an evolutionary mobile cardiac device with compatible data acquisition and analytics platform that combines high diagnostic quality with modern technology. The Company’s “Generation 1” device, a lightweight and wireless portable 12-lead electrocardiograph (ECG or EKG), was developed so patients could monitor and report cardiovascular health in the comfort of their own home. Spaulding Medical’s Generation 2 product broadens the scope of modalities integrated within the physical device, coupling these capabilities with an embedded data platform that immediately uploads cardiac data to patient electronic medical records (EMR). With a full suite of diagnostic capabilities, the Company’s Generation 2 product will be able to replace existing legacy hospital cardiac systems at a fraction of the cost of current independent cardiac devices. Generation 2 has been well received in working demonstrations with some of the finest names in cardiac care in the United States and has been described by cardiologists as one of the more disruptive technologies in cardiac care in decades.
About The Transaction
The business was created in 2017 as a private spin-off from its parent company, Spaulding Clinical Research, a full-service contract research organization providing Phase I Drug Development and Core ECG Laboratory Services. As Spaulding Medical continues its evolution, including FDA 510(k) approvals for its Generation 2 mobile cardiac device, the Company engaged with members of the Vantage Investment Banking team to arrange growth financing. The funding round closed during 2021 with proceeds being used for further additional modality development and working capital needs to support Spaulding Medical’s continued growth and commercialization of the Generation 2 device.
