Houston-based medical device company Allotrope Medical Inc. raised a $4 million funding round, the firm announced June 1.
Allotrope Medical's oversubscribed Series A round was led by Colorado-based venture group Rockies Venture Club. The round saw participation from Texas Halo Fund, Aggie Angel Network, Bellingham Angels, Berkeley Angel Network, Kentucky Select Fund, MEDA Angels, Prosalus Capital, Seedfolio and Tech Coast Angels.
"We are both humbled and excited to have the support of so many individuals and groups," said Dr. Albert Huang, founder and CEO of Allotrope Medical. "With the financing of this round, we will continue to accelerate our commercialization plans and see our elegant and easy-to-use technology improve the surgical experience for physicians and patients across the U.S."
Allotrope Medical develops a device to help surgeons locate and identify ureters during pelvic surgery using electrical stimulation. The device, called StimSite, connects with existing on-market surgical instruments. In November 2020, the firm announced receiving clearance from the U.S. Food and Drug Administration for the StimSite device. The devices have been used by physicians during laparoscopic and robotic gynecologic procedures, Allotrope said.
"In addition to lowering surgical risk, StimSite integrates seamlessly with the physician's existing workflow and tools, thereby streamlining adoption," said Rob Olson, an investor with Bellingham Angels and a retired OB-GYN. "In our assessment, these factors make StimSite an attractive product and Allotrope a promising investment."
In 2016, Allotrope Medical took part in the Texas Medical Center's TMCx accelerator program focused on medical devices. Huang was selected as a Texas health care innovator to know by the Texas Business Journals in San Antonio, Houston, Dallas and Austin in 2017.
Texas Halo Fund, a Houston-based venture capital group, is a returning Allotrope investor. Texas Halo Fund previously made a $150,000 investment into Allotrope in 2019, Managing Director Rob Tucci told the Houston Business Journal at the time. Around 40% to 50% of the Texas Halo Fund portfolio consists of life sciences startups.
