NEW YORK, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Raydiant Oximetry Inc, a clinical-stage medical device company committed to improving health outcomes during childbirth, has received a new round of investment with participation from renowned women's health fund SteelSky Ventures. In this $5 million Series A2 funding round, SteelSky Ventures partnered with other notable venture capital funds focused on women's health, including deal lead Avestria Ventures, with participation from Rhia Ventures and FemHealth Ventures.
Raydiant Oximetry has developed the LUMERAH™, a low-cost, non-invasive sensor designed to more accurately detect fetal distress during labor and delivery. Current fetal monitoring technology has a low sensitivity for the detection of the distressed baby during childbirth and leads to newborn birth injury[1]. In addition, currently, fetal monitoring technology has a low specificity which leads to the overuse of emergency C-sections[2]. C-sections cost 50% more than vaginal births and rising C-section rates have directly contributed to the increasing U.S. maternal mortality rate.
"It's no secret that the U.S. has the worst maternal mortality rates in the developed world and disproportionately affects Black mothers[3]. We are thrilled to add Raydiant Oximetry to our stable of women's health companies working to keep mothers and babies safe during childbirth," says SteelSky Founding Partner Maria Velissaris.
This breakthrough technology works to improve the sensitivity and specificity for the detection of fetal distress and potentially improve outcomes for both mother and baby during childbirth. Because of its life-improving potential, the FDA has granted LUMERAH™ Breakthrough Device status that will expedite market approval.
"Raydiant Oximetry is at the forefront of innovation in maternal health and their technology stands to redefine the standard of care in maternal-fetal monitoring. We are betting on innovators like Neil and Raydiant Oximetry to develop new breakthrough technologies that can significantly improve maternal-fetal outcomes and reduce inequities in care," says SteelSky Ventures Managing Partner Buffy Alegria.
"When we were introduced to SteelSky Ventures, we immediately connected with the authenticity of their team and unrelenting dedication to improving women's healthcare. We knew immediately that we were aligned in our missions and that they were the right partners to help us scale," said Dr. Neil P. Ray, Raydiant Oximetry's CEO.
About SteelSky Ventures
SteelSky Ventures is a female-led venture capital fund investing in companies that improve access, care, and outcomes in women's healthcare. The fund invests across the spectrum of women's health indications and in technology infrastructure that supports new and innovative care delivery models. For more information about SteelSky Ventures, visit https://steelskyventures.com.
About Radiant Oximetry
Raydiant Oximetry is a venture-backed, clinical-stage company dedicated to improving outcomes for mothers and babies during childbirth. The company has developed an innovative technology, LUMERAH™, a low-cost, non-invasive sensor that monitors fetal oxygenation during labor, with the aim to better identify fetal distress and reduce the rate of medically unnecessary C-sections. LUMERAH™ is an investigational medical device that is not currently approved for commercial sale. For more information, visit https://www.raydiantoximetry.com/.
[1]https://pubmed.ncbi.nlm.nih.gov/27751795/
[2]https://www.nejm.org/doi/full/10.1056/nejm199603073341001
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SteelSky Ventures Public Relations
contact@steelskyventures.com
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