ALung Technologies Nears Completion of $10 Million Capital Raise

Pittsburgh Business Times by Patty Tascarella, Senior Reporter

ALung Technologies Inc. has closed on $9 million of a $10 million capital raise from previous investors, mostly high-net-worth individuals.

Birchmere Ventures, the only venture capital firm to invest in ALung to date, led the Series B funding round with a $2 million investment, quadruple the amount it put into the South Side-based respiratory support company a year ago.

CEO Pete DeComo, who expects the company to reach its goal in the next few weeks, said ALung will use the money to fund operations and support commercialization of its Hemolung System, an artificial lung. The company recently filed with the ...