Vitara Biomedical, a privately held company developing breakthrough technology intended to transform neonatal care, announced the closing of a $50 million funding round. The company’s technology was initially developed at the Children’s Hospital of Philadelphia (CHOP), which is one of the leading centers in the world for clinical and scientific innovation in neonatology. Sands Capital led the Series B financing with participation from Google Ventures (GV), First Spark Ventures, Flerie and Khosla Ventures.
The funding will be used to further advance the company’s efforts, leading to a first-in-human clinical study of its technology.
And the company also announced the appointment of Kim Rodriguez as CEO. She has 25 years of experience spanning multiple therapeutic areas, including neurology, cardiology, and women’s health, most recently as CEO of BrainCheck, a digital health company supporting the early identification of dementia and Alzheimer’s disease. Before BrainCheck, Rodriguez was a Venture Partner at S3 Ventures, where she supported the firm’s healthcare investments. Previously she worked as CEO & Co-Founder of Acessa Health (acquired By Hologic), CEO at Halt Medical, led the largest business unit at Spectranetics (acquired by Royal Philips) and Johnson & Johnson. Plus, she also held senior leadership positions Blockade Medical, Concentric Medical, Guidant Corporation, and Microvena/ev3 prior to each company’s acquisition by major medical device companies. Rodriguez received her Executive MBA from the University of Southern California Marshall School of Business and a bachelor’s degree in management from Pepperdine University.
About 15 million babies are born preterm annually worldwide, indicating a global preterm birth rate of about 11%. And extreme prematurity remains a major cause of neonatal mortality and severe long-term morbidity. The current neonatal care is associated with significant morbidity due to iatrogenic injury and developmental immaturity of extreme premature infants.
KEY QUOTES:
“I am delighted to be working with Kim again to develop an innovative healthcare technology that has the potential to change clinical practice for the treatment of extremely premature infants.”
– Ian W. Ratcliffe, Executive Managing Director of Sands Capital and Vitara Board Director
“It is a great privilege to join the Vitara team and to have the opportunity to work alongside the talented and passionate professionals who are developing technology I believe has the potential to save and improve lives of a vulnerable population in dire need of innovation. The strong backing of our investors, and the invaluable resources they bring, are essential to achieving the key milestones in the ongoing evolution of our groundbreaking neonatal technology.”
– Kim Rodriguez
“As one of the most active investors in women’s health, GV has had the privilege of supporting companies going after ambitious, complex problems in healthcare with the potential to revolutionize the current standard of care. Vitara stands out with its innovative approach to neonatal intensive care delivery, built on a decade of foundational research. The Board is confident in Kim Rodriguez’s vision to lead Vitara through the next stage of development, and we’re excited about the potential to drive a transformative shift for newborns and families.”
– GV Executive Venture Partner and Vitara Board Observer Cathy Friedman
