Santa Barbara, CA-based Inogen has snagged $20 million in equity financing to help boost its position as a provider of oxygen technology in the home care community. Novo A/S led the group of investors in the financing.
In a statement, Inogen says it plans to use the capital to expand its sales and patient support resources and invest in the R&D and the commercialization of new products.
The company's offering, Inogen One, is different from existing oxygen technologies that tend to be more cumbersome and limit patient activity. It is a portable concentrator that makes its own oxygen from the surrounding air--there are no portable tanks to refill or replace.
CEO Raymond Huggenberger said his company is well-positioned for growth in the future, so the cash infusion will help a great deal, particularly as demand continues to rise. In addition to Novo, other investors listed on its website are Versant Ventures, Accuitive Medical Ventures, Avalon Ventures and Arboretum Ventures.
Inogen has been accredited as a national home care provider for oxygen therapy since 2009 and has set up thousands of individuals with its technology. The 11-year-old company is focused on helping all patients requiring oxygen therapy, particularly those with chronic obstructive pulmonary disease (COPD). COPD, which affects more than 100 million people worldwide, is projected to become the third leading cause of death worldwide by 2020, according to the company's website.
- check out the Inogen release