Houston-based medical device company Saranas Inc. closed a $12.8 million Series B funding round, the firm announced July 19.
The Series B round was led by Chicago-based Baird Capital, the venture capital and private equity arm of Milwaukee-based Robert W. Baird & Co. The round also saw participation from Austin-based S3 Ventures.
The Houston-based company develops an FDA-approved medical device for early detection and monitoring of internal bleeding complications. Saranas' Early Bird device aims to improve patient outcomes by detecting bleeding early before progressing into further complications. James Reinstein, president and CEO of Saranas, said the firm is planning prospective clinical trials and for next generation products in conjunction with the capital raise.
"We are pleased to announce this round of funding led by Baird Capital," Reinstein said. "It underscores the importance of real-time monitoring of bleeding complications and our opportunity to accelerate the commercialization of Early Bird."
Saranas was selected for one of the Houston Business Journal's inaugural Innovation Awards in 2019.
Baird Capital established a presence in the Texas Medical Center in 2018 with plans to invest in promising early-stage life sciences companies. The firm's office is inside of the TMC Innovation Institute at 2450 Holcombe Blvd. Baird Capital has invested in more than 320 portfolio companies since 1989.
"Baird Capital is proud to partner with Saranas to address bleeding complication challenges and provide solutions that improve outcomes and reduce costs for patients, physicians and providers," said Amy Len Kobe, principal at Baird Capital. "We are also pleased to invest in Houston, a growing ecosystem of health care innovation and a target market for Baird."
S3 Ventures is one of the largest venture capital firms in the Austin market, according to Austin Business Journal research. The firm has invested some $500 million since its founding in 2005.
"S3 is enthusiastic about Saranas’ game-changing medical device advancements," said Brian Smith, managing director at S3 Ventures. "We invest in companies that are reimagining the way the world works, lives and heals, and we believe Saranas is a perfect representation of this."
S3 Ventures also previously invested in Houston-based BrainCheck Inc., a health tech firm using artificial intelligence to monitor brain health and screen for dementia.
