Fishers-based startup Recovery Force LLC has secured $10 million from angel investors to help launch production and sales of a system for hospitals that helps patients regain mobility.
The Mobile Active Compressions System will be the first product to market for Recovery Force, which founder and CEO Matthew Wyatt started in his basement in 2012. The firm announced the round of Series A financing earlier this week.
Recovery Force plans to seek FDA clearance for the system by the end of the year, and could begin sales in mid-2020, Chief Operating Officer Jason Bobay told IBJ.
The Mobile Active Compressions System utilizes a high-tech compression garment designed to improve blood flow and enhance recovery for people battling serious health issues, including deep vein thrombosis pulmonary embolism. It also provides data on patients for caregivers.
Deep vein thrombosis and pulmonary embolism are dangerous medical conditions that affect as many as 600,000 Americans and result in 100,000 annual deaths.
Recovery Force developed the MAC System in part through a collaboration with the Mayo Clinic.
Recovery Force is headquartered in about 3,000 square feet of office space at Launch Fishers, a business accelerator. But it plans to move within weeks to new office space in Fishers that totals about 7,500 square feet, including space for product inventory.
Recovery Force currently has six full-time employees and uses three consultants. By the end of 2020, it expects to have hired five to 10 more employees, Bobay said. The introduction of the MAC System will require hires for sales, technology, clinical support and engineering positions.
The company already has raised several million dollars in venture capital.