Financing to support company operations and product development
Minneapolis, MN – November 15, 2019 – Odonata Health, Inc., a privately held medical device innovator in maternal and fetal health, announces the close of $1.5 million in seed round financing. The round was led by Kathleen Tune of Fourth Element Capital and includes participation from Capita3, Starfish Ventures, South East Minnesota Capital Fund and a number of private investors with strong healthcare investment and operational backgrounds. Odonata originated from research at the Mayo Clinic, receiving its initial funding and clinical research support from both Mayo Clinic Ventures and the Mayo Clinic. Proceeds raised support company formation and product development efforts.
Odonata also announced the addition of two new members to its board of directors, Kathleen Tune as executive chair and Shelly Lanning. Both Tune and Lanning are experienced healthcare investors and operators and add substantial value to the company.
“We are excited to receive support from this group of investors. We are working hard to develop the technology, provide clinical validation and submit for regulatory approval of our lead product,” said Ann Holder, Odonata founder and CEO. “Maternal mortality and morbidity is a growing global healthcare challenge and we are eager to offer clinicians a non-invasive, cost-effective solution for identifying early signs of distress which enables early intervention to avoid costly hospitalizations.”
Odonata is developing a proprietary, wearable sensor platform technology to non-invasively acquire maternal and fetal biometric data, including critically important fetal heart rhythms. Assessing fetal heart rate and rhythm will allow clinicians to identify fetus distress during labor and determine whether advanced intervention is necessary. Odonata’s first offering is a ready-to-wear garment embedded with flexible, waterproof, health-tracking sensors. Data signals are interpreted and communicated using proprietary artificial intelligence algorithms and deep neural networks, initially developed in partnership with researchers and clinicians at the Mayo Clinic.
Tune commented, “Odonata Health brings data and insights to women’s health in pregnancy, labor and delivery. The company is developing products that provide clear insights into a woman’s risk profile and biometrics, allowing pregnant women and their caregivers to make informed decisions.”
Lanning added, “The Odonata team is incredibly passionate about maternal health and the women and children it serves. The high rate of maternal mortality and morbidity in the United States is unacceptable for a country in the industrialized world and I believe that Odonata is poised to make a significant near-term impact.”
About Maternal Mortality and Morbidity (MMM)
The U.S. has one of highest rates of maternal mortality in the industrialized world. Each year in the U.S., 700 to 900 women die from complications in pregnancy or childbirth. These numbers overshadow the more pervasive problem of severe maternal morbidity. Primary drivers include disparities in race, education, income, rural demographics, access to healthcare/insurance and other socio-economic factors, accelerated by greater prevalence of C-sections, obesity, and chronic health issues. Pregnancy related complications and premature births cost the U.S. approximately $26 billion annually.
About Odonata Health, Inc.
Odonata Health is dedicated to improving the experience and outcomes of pregnant women via novel technology that accurately measures maternal and fetal vital statistics during pregnancy, labor and delivery. Odonata is developing a wearable, textile-based product to measure key vital statistics of women and their developing fetus. Odonata is committed to improving maternal and fetal health outcomes and working to ensure access to its technology in traditionally under-served communities. Odonata Health products are not yet cleared by the U.S. FDA.