Carlsbad-based HAI Solutions, a medical device maker focused on protecting patients from the accidental or negligent contamination of IV anesthesia medications, has closed its seed round from local angel investors.
The fresh funding came from Tech Coast Angels San Diego chapter, who invested north of $500,000 into the startup. In total, the company has raised $1 million from investors.
Founded in 2015, by co-founders Nicholas Perrenoud, Paul Swaney, and Adnan Abbas. HAI Solutions is developing a novel and intelligent fluid therapy device for intravenous fluid management.
It claims to be developing the first of its kind, single-use disposable device that will provide an underlying level of protection during IV fluid management.
Healthcare associated infections (HAIs) account for about 1.7 million infections and 100,000 deaths in the US each year. The direct medical costs of HAIs estimates up to $45 billion to the US annual healthcare costs to treat these infections.
HAI Solutions’s approach involves an IV infusion device which includes a “ratchet luer,” preventing misconnections, and dual filtration manifold to prevent air embolism and microbe ingress.
“Currently in healthcare there is no device that addresses all the potential pitfalls with administering multiple IV medications to patients whether administered in the operating room, emergency room or intensive care unit,” said Perrenoud, CEO and president at HAI Solutions. “We currently have two main products working to address this as well as two different technologies.”
Seeking FDA Approval
HAI Solutions’s MDD device combines multiple IV ports with at least two filters for variable fluid viscosity in an inline configuration for high flow input and output.
In addition, its second product called, Intravenous Sterilizer, is a device that delivers superior surface irradiation built on a digital health platform to track IV connector disinfection cycles from patient to patient. Currently in the prototyping phase, the goal is to bring the device to market by 2022.
This year, the company will seek 510(k) clearance from the U.S. Food and Drug Administration for Multiport Delivery Device (MDD).
“Getting through the FDA is going to be key. We’re aiming to have FDA approval by end of year,” said Paul Swaney, COO and co-founder at HAI Solutions. “By the second quarter of next year we’ll have our second device ready to go.”
HAI Solutions primary customers will include Anesthesiologists and CRNAs in hospitals as well as surgery centers. Within the hospital setting, its devices will be used in the Operating Room, Intensive Care Unit and Emergency Department.
Second Largest Amount Raised
Daniel Petersen, Tech Coast Angels San Diego’s deal lead for HAI Solutions, said he was impressed with the startup’s seasoned leadership team and unique approach to solve a massive issue within the medical sector.
“By trade, I’m an oral maxillofacial surgeon and I perform anesthesia in a hospital setting. So I understood exactly what these guys were going with this,” said Petersen. “The three co-founders all work very well with each other, they each have their own strengths and weaknesses, but when you put them together it’s a fantastic nucleus to build something around that.”
In September last year, Tech Coast Angels San Diego launched a new $4 million annual fund called ACE (Angel Capital Entrepreneur) 21 to invest in promising early-stage companies. HAI Solutions received the second largest amount to date, San Diego-based Maxwell Biomedical also received a $500,000 investment from the chapter last summer.