Fast BioMedical Inc., a Carmel-based biotech firm developing technologies to measure blood volumes and kidney function, has secured $8 million in venture capital and grant funds to help it advance clinical trials.
The company announced the financing on Wednesday, and said some of the money also would be used to hire additional workers and advance its patent portfolio. The company did not say how many workers it planned to hire. Officials could not be reached immediately for comment.
“This financing is an important and validating step to continue our progress," CEO Joe Muldoon said in a statement. “We have already begun adding talent to the team, and are excited about their ability to immediately add value.”
Of the money raised, $5 million is coming in the form of early-stage, Series A2 venture capital from one investor, F&M Investment Office LLC of Indianapolis. The other $3 million is coming from a grant from the National Institute of Diabetes and Digestive and Kidney Diseases at the National Institutes of Health.
Fast BioMedical, founded in 2006, is developing technologies to help patients with congestive heart failure, major surgery, sepsis and kidney disease. The company’s technology is designed to measure the volume status of a patient’s blood in 15 minutes.
Earlier investors include Elevate Ventures, Indiana 21st Century Fund, Rose-Hulman Ventures, BioCrossroads, Indiana University Medical Group, Purdue Foundry Fund, Ellipsis Ventures and StepStone Partners.
Indiana companies grabbed $27.3 million in venture capital in the first quarter over 11 deals—for an average of about $2.5 million per deal. Indiana firms averaged about that amount in 2016, while many surrounding Midwestern states had deal averages above $5 million.