Startup Sotera Medical Corp. Secures More Than $1 Million In Seed Financing
Sotera Medical Corp., a medical device company in Cleveland that is developing a device for use in cardiac procedures to treat atrial fibrillation, announced it has closed initial seed funding “in excess of” $1 million.
Specific terms of the investment were not disclosed. Sotera said in a news release that the round was led by a syndicate of investors, including JumpStart Inc., the North Coast Angel Fund, the Northwest Ohio Tech Fund II managed by ProMedica Innovations, private investors and the state of Ohio.
The company will use the funds for further technological development leading to “first-in-human testing by late 2018,” according to the release.
“We are thrilled with our investment partners and this funding, which provides the resources to accelerate the development of this unique device and to demonstrate its clinical value,” said William Fuller, Sotera’s co-founder and CEO, in a statement.
Sotera describes its initial product as “a simple, yet comprehensive solution for reducing complications to the esophagus during catheter ablation treatment for atrial fibrillation,” an irregular heartbeat that, if left untreated, can lead to blood clots, stroke or heart failure.
Read the full story at Crain’s Cleveland Business.