On November 17, OxiWear announced it successfully closed a pre-seed funding round at $1.25M for its newly developed ear-wearable pulse oximeter. OxiWear offers non-intrusive, continuous oxygen monitoring (as opposed to batch data or spot readings) and can be worn 24-hours a day without obstructing daily activities. This was a major milestone for the company after it experienced delays in product development in 2020. The pre-seed funding will allow OxiWear to finalize product development, conduct in-person clinical testing, and submit its FDA application. The company is planning for a mid-year 2022 consumer launch.
The press release was published with Cision /PR Newswire. In case you missed it, you can read the full release here.
"I've been a proud, early supporter of Shavini and her life-saving work and I congratulate her on not only meeting her pre-seed funding round target – but decisively beating it. It's a testament to how in-demand her product is and how smartly she has built her company around it. I expect she will only continue to grow, and I happily stand by her to offer advice whenever she needs it."
“Shavini is an incredibly talented and dedicated entrepreneur, whose determination and vision have led her to a point where increasing numbers of parties — from investors to strategic partners — are jumping on board.”
"OxiWear is a game changer for those affected by the complications of pulmonary hypertension, and could be the difference between safety and danger."
"OxiWear is a product that I developed to help patients like me - those living with pulmonary hypertension. Through our research, we learned that there is a larger market for oxygen monitoring including elite athletes, high-altitude travelers, and patients with diseases such as COPD, sleep apnea, and Covid-19."