Medtech and sportstech startup OxiWear announced today that it closed an oversubscribed pre-seed funding round at $1.25 million.
Arlington, Virginia-based OxiWear develops a wearable pulse oximeter that delivers 24-hour continuous oxygen monitoring and low-oxygen alerting. The $1.25 million in funding comes in at half a million more dollars than expected for the pre-seed funding round.
GAP Funds led the pre-seed round, with reinvestments coming from Ted Leonsis and The Paul & Rose Carter Foundation. Additionally, Paul Caicedo, Future Communities Capital, Gaingels, Halcyon Fund, Hourglass Venture Partners, TiE DC and Boston Chapters, and Tysons Angel Group contributed to the round, according to a news release.
OxiWear’s device is worn on the ear, which the company said is one of the most accurate places to measure oxygen saturation levels (SPO2) and to detect when oxygen levels begin to drop. The company, founded in 2019, said the device can provide accurate and reliable oxygen monitoring for performance athletes, high-altitude travelers and patients prone to silent hypoxia.
“OxiWear is a product that I developed to help patients like me – those living with pulmonary hypertension,” OxiWear Founder & CEO Shavini Fernando said in the release. “Through our research, we learned that there is a larger market for oxygen monitoring including elite athletes, high-altitude travelers, and patients with diseases such as COPD, sleep apnea, and COVID-19.”
The company said the funding will allow it to finalize its go-to-market product development and initiate beta testing for its consumer device, with eyes on a launch by mid-2022. OxiWear is currently completing pre-submission meetings with the FDA for its medical device designation.
“I’ve been a proud, early supporter of Shavini and her life-saving work and I congratulate her on not only meeting her pre-seed funding round target – but decisively beating it,” said Leonsis, global business leader and owner of sports franchises such as the Washington Wizards, Mystics and Capitals. “It’s a testament to how in-demand her product is and how smartly she has built her company around it. I expect she will only continue to grow, and I happily stand by her to offer advice whenever she needs it.”