Wauwatosa's RoddyMedical Inc., which invented a single-use armband to keep IV lines and other medical tubes in place, has raised $600,000 in seed funding, according to a Friday announcement.
Madison's Winnow Fund led the round with support from Neenah's Winnebago Seed Fund. Both venture capital firms are part of Wisconsin's Badger Fund of Funds.
RoddyMedical will use the money to manufacture and launch its patent-pending product, the SecureMove-TLC, which will be available for purchase by hospitals and original equipment manufacturers in October, RoddyMedical chief operating officer and director of quality Pat Deno said.
The company, which has three employees as well as contractors, expects to produce 11,000 units this year and more than 200,000 in 2022, Deno said. The company's manufacturing partners are located in Wisconsin.
Lindsey Roddy founded RoddyMedical in 2018. As a nurse in Milwaukee, she almost lost a patient because his life support line got caught and pulled out of his neck as she was helping him out of bed. After failing to find another solution, she developed the SecureMove-TLC to prevent similar problems in the future.
"Roddy’s years of firsthand clinical experience and connections have driven the product and team forward and ensured that the product design meets the needs voiced by frontline health care workers,” Winnow Fund managing director Richelle Martin said in a statement.
RoddyMedical is the second investment for the Winnow Fund, which made its first investment earlier this month when it backed Madison's KaPloint Inc., an entertainment and marketing technology company that's developing an app for the casino industry.
RoddyMedical is among 29 companies selected as finalists for the Wisconsin Innovation Awards in October. The company's headquarters is at the University of Wisconsin-Milwaukee's Innovation Campus at 1225 Discovery Parkway, Suite 162.
1225 Discovery Parkway, Suite 162
