Baltimore-based biotechnology company CoapTech has secured $1.2 million in grant funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced Oct. 22 and financed by National Institute of Diabetes and Digestive and Kidney Diseases.
According to its Crunchbase profile, "CoapTech seeks to bring a series of breakthrough medical devices to worldwide markets, leveraging a patent-pending, disruptive technology called Coaptive Ultrasound, which is owned by the company. CoapTech devices will reduce health care costs and improve safety, quality, patient experience and access to services around the globe. Invented by Dr. Tropello, the CoapTech delivers a novel platform technology combining magnetic attraction for device placement guidance and low-cost, point-of-care ultrasound for visual feedback in diagnostic, interventional and therapeutic procedures."
The four-year-old startup also raised a $2.3 million seed round in 2018.
The round brings total funding raised by Baltimore companies in biotechnology over the past month to $3.6 million. The local biotechnology industry has produced 14 funding rounds over the past year, securing a total of $120 million in venture funding.
In other local funding news, aquaculture company Minnowtech announced a $600,000 seed funding round on Nov. 4, financed by USM Holdings.
According to Crunchbase, "Minnowtech is an aquaculture technology company, based in Baltimore, Md., that provides a software imaging platform to enable shrimp farmers to estimate shrimp abundance non-invasively with precision. Using Minnowtech’s data-based imaging tool, shrimp farmers optimize the health and growth of their hatcheries, enhancing harvest of market-size shrimp while minimizing risks to juvenile shrimp. With the continued growth of aquaculture worldwide, Minnowtech addresses head-on the industry’s most acute challenge, which is overcoming limitations in how shrimp farmers assess the abundance, growth and optimal harvest times of their crop."
The company also raised a $225,000 grant earlier this year.