Ivenix Secures $50 Million Funding for Its Next-Generation Infusion System
Ivenix is a medical technology company that has developed a “Next-Generation Infusion Systems”. Recently, Ivenix has obtained$50 millionequity financing, led by two undisclosed investors, with its existing investors F-Prime Capital and ChinaWuXi AppTecVCBeat's venture capital armYucheng Capitalalso continued to participate in this financing round.
With this funding, the company plans to use it to secure FDA approval, accelerate team expansion, and advance the commercial application of its products.
Anyone who has undergone intravenous (IV) infusion will find that controlling the infusion rate is challenging. An excessively fast rate can cause discomfort, or even dizziness and nausea. In addition to conventional IV methods, hospitals employ specialized infusion pumps that precisely regulate the dosage of medications and nutritional solutions, offering greater efficiency than manual management by healthcare professionals.
From general wards throughout the hospital to intensive care units, the use of large-volume infusion pumps is widespread; smaller-volume pumps are employed for low-dose medications, such as hormones and opioids. Infusion pumps are typically pre-programmed with specific flow rates and frequencies, and use disposable bags to hold fluids. In 2017, the U.S. infusion pump market was projected to reach $470 million, with large-volume pumps accounting for more than half of this figure.
These smart infusion pumps automate the calculation of dosage and flow rate, and establish a digital drug library based on hospital-defined and customized medication types. Although this may sound quite scientific,Smart Infusion Pumps Can Still Cause Serious Errors。
The underlying reason is that the entire U.S. infusion pump industry is dominated by three major medical device manufacturers: CareFusion Corporation (recently acquired by Becton, Dickinson and Company), Baxter International, and Hospira (recently acquired by ICU Medical). Most manufacturersNo significant improvements have been made to its core design in the past 20 years., but only superficial changes were made. However, in today’s era that emphasizes healthcare informatization, the complexity of medication regimens is increasing, the demand for integration of electronic medical records is growing, and calls for addressing patient safety issues are becoming louder.
Ivenix’s “Next-Generation Infusion Management System” is built on a secure information technology platform, representing a significant departure from traditional infusion pumps. The system comprises a lightweight pump andPatented Infusion Informatization Platform。
Ivenix “Next-Generation Infusion Management System”
The system can accurately measure and adjust infusion flow rates in real time, thereby significantly enhancing safety and performance. Several common influencing factors, such as infusion bag height, hydrostatic pressure, patient movement, fluid viscosity, and temperature, are effectively managed by the Ivenix system, enabling its use across a wide range of clinical scenarios. It demonstrates particular advantages in medication administration processes that are prone to errors.
Previous studies have shown that a significant number of medication errors associated with infusion pumps are caused by programming mistakes. In response, Ivenix has designed an exceptionally clean and intuitive user interface that effectively prevents such errors, enabling users to manage medication administration in less time and with fewer interaction steps.
Furthermore, the system features a web-based architecture, enabling Ivenix users to access and manage infusion pump data from any computer or mobile device. It also provides infusion analytics and supports scalable integration with electronic medical records (EMR) and other information systems to facilitate medication decision-making and information sharing. In terms of security, the Ivenix system delivers robust performance.
“Ketan Patel, a partner at F-Prime Capital, stated in a press release: ‘The healthcare industry has long anticipated innovation in infusion systems, and Ivenix, as a new market pioneer, is driving digital transformation in infusion therapy. As its supporters, we are immensely proud.’”
In addition, Patel also stated that this is aA $6 Billion Global Market, as high-performance infusion systems can address some of the challenges in today’s healthcare, thereby creating significant market opportunities. Meanwhile, the Ivenix system has also laid the foundation for this field, enabling more emerging infusion technologies to emerge based on it.
The company’s leadership team includes Stuart A. Randle, Chairman and CEO; and Jesse E. Ambrosina and George W. Gray, the two Chief Technology Officers (CTOs) responsible for infusion systems and health informatics software systems, respectively.
The CEO joined the team only at the end of 2015, having previously served as CEO and Chairman of GI Dynamics, a diabetes device company; Jesse E. Ambrosina was formerly an executive at Foliage, a brand consulting firm, and brings 20 years of experience in product commercialization; while George W. Gray has over 25 years of experience in healthcare informatics.
Previously, in September 2015, Ivenix conducted an equity financing round, securing $42 million led by Yucheng Capital.
Source:HIT Consultant