A medical device startup based in Brisbane is raising millions in new funding for an affordable, portable defibrillator that it's been developing for more than six years.
Avive Solutions Inc. has raised $24 million, exchanged another $16 million in shares for convertible debt, and is targeting up to $51.7 million in the new equity round which opened on Feb. 1, according to a securities filing.
The new round comes just about two years since Avive raised $22 million in a Series A round.
It's unclear who invested in the round but Avive's existing investors include Questa Capital, Catalyst Health Ventures and Laerdal Million Lives Fund. Representatives of all three firms were listed as directors on Avive's filing.
The company declined to comment on the filing.
CEO Sameer Jafri co-founded Avive in 2017 with COO Rory Beyer and CTO Moseley Andrews.
They're developing an automated external defibrillator, or AED, that will be portable as well as more affordable than the traditional wall-mounted devices on the market.
"The whole premise was to make it more affordable, smaller, portable and more familiar," Jafri told Bay Area Inno in 2022. "If you can get more devices in the coach's backpack or the glove box, you can give this to more patients."
The company offers its device, called the Avive Connect AED, via two different purchase plans that start at $900 per device, according to its website.
In October 2022, Avive received premarket approval from the Food and Drug Administration, according to a filing.
Avive started shipping orders last year, according to a company press release.
