Recovery Force Health, a Fishers-based medical device startup that has launched a product to help prevent blood clots in patients, has landed another seven-figure venture deal.
The company this month announced it has closed a $1.25 million investment round with Indianapolis-based venture firm Elevate Ventures.
The company, which has already raised $10 million from angel investors, said it plans to use the new funding as growth capital to market its device to hospitals and introduce other products.
RF Health has developed a cordless, lithium-ion-powered compression and mobility device called the Mobile Active Compression System for patients in the hospital and those recovering at home.
The MAC System is cleared by the U.S. Food and Drug Administration as a Class II device.
It provides intermittent compressions on the legs of hospital patients to prevent clots, while giving doctors and nurses real-time mobility data. It is designed to stimulate blood flow in the lower extremities and assist in the prevention of deep vein thrombosis in at-risk patients.
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.
The company unveiled the device during a commercial launch at an industry conference in Houston in 2021.
“The MAC System is a portable, non-pneumatic device that doesn’t have cords or tubes, like the standard of care does and allows the patient to get up and move and outside the hospital,” company president Jason Bobay told IBJ sister operation Inside Indiana Business last year “Those other devices have been around for 30 to 40 years with no innovation. So they were designed for bed rest, where ours was built for mobility.”
He added the goal of the device is to change the standard for hospital patients, who spend about 95% of their day in bed.
The company has been partnering with several local hospital systems, including Indiana University Health and Community Health Network.
The investment by Elevate Ventures marks the first institutional funding for RF Health. The company had previously raised $10 million from angel investors.
“We are honored to have Elevate Ventures participate in this round of capital as the first institutional investment RF Health has accepted,” CEO Matthew Wyatt said in written remarks.
Elevate Ventures said the company has built a strong team and introduced a “novel, game-changing solution to a major pain point in the acute care hospital setting.”
“Elevate Ventures looks forward to watching RF Health rapidly scale and prove traction with early hospital customers,” Elevate Ventures CEO Christopher Day said in written remarks.
Elevate has invested over $150 million in more than 500 companies through its various programs.