University Medical Devices (UMD) announced the closing of the first round of seed funding. And UMD – which brings to market sophisticated healthcare technology from the University of Nebraska Medical Center and its commercialization wings UNeMed/UNeTech – has raised $1.6 million to drive the company’s mission of revolutionizing healthcare diagnostics.
The funds are earmarked to advance UMD’s infrastructure, covering regulatory, medical, legal, manufacturing, packaging, sales and marketing. And this funding round represents a major step toward UMD achieving profitability and sustainability, with a strong emphasis on bringing its first product MicroWash to market.
MicroWash plays a major role in addressing the challenges of the tripledemic (flu, COVID, and RSV) and other respiratory infections. Developed at the start of the COVID-19 pandemic, MicroWash is a comfortable and high-quality nasal specimen collection device that provides a less invasive alternative to nasal swabs for labs, patients, and healthcare providers. This collection system is crucial for higher-risk populations and a significant step toward mitigating the global impact of future pandemics.
The funding round – which started in March 2023 and closed in December – was led by Bright Minds Capital Partners, Invest Nebraska, and leaders from AV Legacy Holdings LLC and UMD. This funding round marks a milestone for UMD, propelling the company forward to pursue more innovative healthcare solutions.
Looking ahead, UMD is set to launch an aggressive sales campaign in the first half of 2024 to medical supply distributors, national reference laboratories, health systems and health plans as well as municipal and federal government agencies, with device availability anticipated later this year. And prospective customers and stakeholders can expect multiple paradigm-shifting sample collection products from UMD in the coming years.
KEY QUOTES:
“Having our seed round close fully funded is a testament to investors’ belief in our concepts, recognizing we’re a trailblazer in how upper respiratory infection samples are collected for testing. It demonstrates confidence in UMD’s ability to impact national and global health security, as well as faith in our top-tier executive and inventor team.”
- James Young, UMD Founder and CEO
“At Bright Minds, we support truly visionary ideas. UMD’s team of experts fit the bill. UMD’s devices stand to evolve healthcare diagnostics for the better. We’re confident in the impact and longevity of the company’s future – from MicroWash and beyond.”
- David Holme, Executive Chairman of Bright Minds Capital Partners
