Astarte Medical Closes $3.5 Million in Additional Financing
YARDLEY, Pa., Nov. 19, 2019 /PRNewswire/ -- Astarte Medical, the only precision medicine company using software and predictive analytics to improve preterm infant outcomes, today announced that it has closed an additional $3.5 million in financing to support the commercialization and adoption of its NICUtrition Suite. The company, which announced a $5 million Series A round in May of this year, will use the additional funds to accelerate hiring and ramp its sales and marketing efforts for its first two solutions, NICUtrition Analytics and NICUtrition Guidance.
Astarte Medical's NICUtrition Suite is the first data-driven outcomes solution to address and automate the core challenges in the neonatal intensive care unit (NICU) related to enteral feeding, protocols, and compliance. In addition to streamlining workflows for clinical staff, the NICUtrition Suite is the first technology to enable hospitals to benchmark their protocol compliance and use data on a more granular level to continuously refine protocols, which is critical to optimizing outcomes.
"For decades, the industry has been in dire need of a technology to analyze and benchmark NICU feeding protocols, and we are proud to satisfy this unmet demand. In 2019, we made significant progress in developing our NICUtrition Suite of solutions and securing interest from the market," said Tracy Warren, CEO and Co-Founder, Astarte Medical. "We have big plans for 2020 to aggressively expand our team, as well as develop a regulatory strategy to support a trial for our flagship solution, NICUtrition MAGI (Microbiome And Growth Indicator), a digital diagnostic that leverages machine learning to provide a real-time quantification of gut inflammation."
Astarte Medical plans to grow its team by 300% in 2020, adding in-house sales and marketing staff, as well as client support functions to assist early adopters. In addition, the company also plans to expand its in-house engineering and data science teams to support continued product development.
The additional funds will also be allocated to developing a regulatory strategy in support of a 2020 MAGI trial, the development of a health disparities platform, and the exploration and isolation of novel therapeutic and diagnostic candidates.
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