Andarta Medical closes Series A funding with world class investor syndicate Draper Triangle Ventures (Mr. Jay Katarinic), the University of Minnesota Discovery Capital Program (Mr. Russ Straate) and Industry Veteran Executive and Investor James Bullock

December 6, 2015 | News

Andarta Medical announced today that the company has closed an initial round of Series A Funding in the amont of $6.1 million. This equity financing was provided from a prestigious group of investors led by Draper Triangle Ventures (member of the global Draper Venture Network), the University of Minnesota Discovery Capital Fund and James Bullock. The company will utilize the funding to initial development of proprietary medical technologies which facilitate ventilator weaning. In conjunction with this initial financing, James Bullock has been appointed Chairman of the Board for Andarta Medical. Joining Mr. Bullock on the company’s board is Jay Katarincic from Draper Triangle Ventures and Patrick Wethington, President and CEO of Andarta Medical. Russ Straate, Associate Director of the Venture Center at the University of Minnesota will join as a Board Observer.

“We are pleased with the high level of initial commitment and enthusiasm for Andarta Medical’s mission by these initial investors,” stated Patrick Wethington, Andarta Medical’s President and Chief Executive Officer. “These investors represent groups and individuals who have the experience and dedication to help companies identify and develop innovative medical technologies which address substantial unmet needs. The addition of Jim and Jay to our company’s Board of Directors will also provide additional expertise and insight as we progress from through our initial development process and beyond.”