UK-based fetal monitor maker Monica Healthcare raised $3 million (2 million British pounds) from existing investors Catapult Ventures, the New Hill Growth Fund, East Midlands Business Angels, the University of Nottingham as well as new investors Wren Capital, Origin Capital, Catamaran Ventures, and the London Business Angels.
This brings the company's total funding to at least $4.6 million.
Monica has developed a wireless fetal monitoring device, FDA-cleared in 2011, called AN24, which is meant to be used during labor. The product is sold in the USA, Europe, Brazil, Russia, India, and China and is used to monitor the delivery of over 100,000 babies every year, according to the company.
AN24 uses wireless, non-invasive technology to collect near real-time electrical signals from the pregnant woman's abdomen. The device measures the fetal ECG, maternal ECG, and uterine EMG to extract the fetal heart rate (FHR), maternal heart rate (MHR), and umbilical arterial (UR) waveform.
Monica said that clinical trials at the Albert Einstein College of Medicine in 2011 demonstrated that AN24 also performs well for obese pregnant women.
The offering can connect to another Monica service, called VS program, which runs on a Bluetooth-enabled PC, notebook or tablet. From the VS program users can view and store the FHR, MHR, UA, maternal activity, and other events that AN24 monitors.
The company plans to use the new funds to launch a second generation, FDA-cleared wireless fetal monitoring system.