The financing was led by X Gen, a family venture fund based in Cleveland, Ohio. It also includes a grant from the Cleveland Clinic Global Cardiovascular Innovation Center (GCIC) initiative, which is backed by $60-million from the State of Ohio’s third frontier project, a program to promote technical innovation and commercialization. BVC/CC, an angel group based in Bend, Oregon, also participated in the funding.
The funding will help Clear Catheter Systems develop its lead tube clearance product, the PleuraFlow system. The system will be used to prevent obstruction of surgical drainage tubes inserted after heart, lung and trauma surgery.
The company is in the process of opening a Cleveland office to better facilitate its collaboration with the Cleveland clinic, and to access other resources available to the Ohio medical device community.
Mark Low, managing director of GCIC, said: “Clear Catheter Systems is doing exciting work and we are pleased to be involved in the continued development of the PleuraFlow system. Cleveland clinic and GCIC are committed to expanding Ohio’s economy, and we welcome this growing company to Northeast Ohio.”