Mobisante, a maker of ultrasound imaging systems designed for smartphones and tablets, has pulled in nearly $4.2 million of a hoped-for $5.3 million funding round, according to a U.S. regulatory filing.
The Redmond, WA, company plans to use the cash to boost sales and marketing efforts in a bid to boost the adoption of point-of-care ultrasound.
Execs previously announced the Series A equity financing but did not disclose the amount. They revealed some of their backers, however. WRF Capital led the investor syndicate, which also included the W Fund, several members of the Alliance of Angels and other angel investors. About $2.3 million of the total represents a conversion of outstanding debt financing into equity, the filing states.
As Xconomy reports, Mobisante first won FDA approval in February 2011 for an ultrasound device that functions on a smartphone. CEO Sailesh Chutani told Xconomy that beyond boosting sales and marketing, the funding will help the company build up cloud computing capacity for the ultrasound images its devices record.
Mobisante's target market includes orthopedics and sports medicine as well as emergency rooms, Chutani is quoted in the Xconomy piece as saying.
An initial cluster of medical-related apps hit the market without going through the FDA approval process. Mobisante was one of the first to consciously follow that path, though its future competitors will need to seek FDA approval because apps are increasingly considered to be devices.