Melbourne medtech Navi Medical Technologies has raised $6.8 million to commercialise its baby-saving catheter device in the US.
The round was led by $4m from ANZ healthcare VC KP Rx, supported by existing investor Innovation (formerly Breakthrough) Victoria and Pacific Chan.
Navi previously raised $2.4m in mid-2023 supported by Medtech Actuator and Artesian VC, as well as the Victorian government fund.
The medtech startup, which also has a base in Boston, Massachusetts, developed a vascular device, called Neonav, to help clinicians insert catheters into the veins of critically ill newborns and children to administer life-saving therapies.
The capital follows US FDA approval for Neonav and clinical evaluation trails at two leading US paediatric hospitals.
Navi cofounder and CEO Alex Newton said the accurate placement and management of central venous access devices used to deliver nutrition, fluids and medications is one of the most challenging procedures in intensive care for infants.
“For decades, neonatal and paediatric clinicians have relied on technologies that were never designed for their smallest patients. The Neonav was built to change that,” he said.
“This investment allows us to scale manufacturing, grow our US team and partner with leading children’s hospitals as we work to establish a new standard of care in neonatal and paediatric vascular access.”
KP Rx partner Hashan De Silva said Navi had reached an important commercial inflection point, with US sales to begin this year.
“Navi has developed a genuinely differentiated technology addressing a significant unmet clinical need,” he said.
“We believe the Neonav has the potential to become an important new technology in neonatal and paediatric vascular acces.”
Pacific Channel’s Roland Toder said Navi’s clinical innovation addresses a significant unmet need in neonatal and paediatric critical care.
“The team has impressively navigated a demanding clinical and regulatory pathway, achieving important milestones that position the company strongly for future growth and reinforce its potential to establish itself as a global leader in this category,” he said.
