Sonavex's $3 million financing tops recent funding news in Baltimore

Sonavex's $3 million financing tops recent funding news in Baltimore
Sonavex | Photo: Facebook
By Hoodline - Published on September 06, 2019.

Baltimore-based biotechnology company Sonavex has secured $3 million in grant funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion, which was announced Aug. 29, was financed by the National Institutes of Health.

According to its Crunchbase profile, "Sonavex is committed to improving outcomes for surgical patients by using cutting-edge imaging technology to provide clinicians with visualization of critical data — directly at the point of care."

The seven-year-old company has raised nine previous funding rounds, including a $1 million Series A round in 2018.

The round brings total funding raised by Baltimore companies in health care over the past month to $101 million, an increase of $92 million from the month before. The local health-care industry has produced 23 funding rounds over the past year, raking in a total of $144 million in venture funding.

In other local funding news, therapeutics company Gemstone Biotherapeutics announced a $250,000 funding round on Aug. 28, financed by the Maryland Momentum Fund.

According to Crunchbase, the research and development firm "is dedicated to the field of regenerative medicine and specializes in developing improved methods for advanced wound healing and tissue vascularization using licensed technology from Johns Hopkins University. Our core technologies include innovative polymeric hydrogels and stem cell engineering methodologies."

Founded in 2013, the company has raised three previous rounds, including a $225,000 grant in 2018.

This story was created automatically using local investment data, then reviewed by an editor. Click here for more about what we're doing. Got thoughts? Go here to share your feedback.