YARDLEY, Pa., May 7, 2019 /PRNewswire/ — Astarte Medical, the only precision medicine company using software and predictive analytics to improve premature infant outcomes, today announced it has secured $5 million in Series A financing. Investors in the round include Viking Global Investors LP, Lunsford Capital, OCA Ventures, Keiretsu Forum MidAtlantic, Keiretsu Capital Fund, Ben Franklin Technology Partners, Wing VC and Next Act Fund. The Company, which recently graduated from the Illumina Accelerator, will use the funds to complete the development of its NICUtrition® suite of digital tools and diagnostics, which support feeding protocols, practice and decision-making in the neonatal ICU (NICU). Duane Morris LLP, as legal council to Astarte Medical, advised the company on the transaction.
Every year, more than 380,000 babies are born prematurely in the United States. The first 1,000 days of life are a critical period for a baby’s growth and brain development – particularly for preterm infants – and maintaining a healthy gut is crucial during this time. The rapid changes in the microbiome during this period make it challenging for NICU teams to treat infants with a highly personalized level of care.
“This funding will bring us one step closer to completing our suite of solutions to support unmet needs in the NICU to drive better preterm infant outcomes such as improved growth and minimized risk of infection,” said Tracy Warren, CEO and Co-founder, Astarte Medical. “NICU feeding protocols are complex and often tracked manually, causing clinical care teams to spend unnecessary time on documentation. Our first product to market will automate and streamline feeding protocols, enabling doctors and nurses to spend more time with their patients and parents.”
Core to Astarte Medical’s platform is its comprehensive and proprietary dataset that integrates feeding protocols, microbial profiles and clinical information. Its NICUtrition® suite of products provides actionable information in real time to hospitals and clinical teams, enabling them to standardize care protocols, and customize treatment plans by quantifying preterm infant gut health.
“We are thrilled to support Astarte Medical as they develop cutting-edge technology to solve some of the biggest problems for the smallest patients,” said Bruce Lunsford, Chairman and CEO of Lunsford Capital. “With its first solution, the Company is poised to make a difference for not just the preterm babies, but also for clinical teams in NICUs where it will help streamline the workflow and increase efficiencies. Astarte Medical is addressing the needs of a large and underserved market, and we look forward to seeing the Company positively impact the industry, lowering healthcare costs and improving health for generations to come.”
Astarte Medical is comprised of a passionate management team and world-class advisors in neonatology, microbiome and predictive analytics. Company founders, Tracy Warren and Tammi Jantzen, have worked together for nearly twenty years as investors and serial entrepreneurs. Together, they are applying their expertise and business acumen to the vision of Katherine Gregory, PhD, RN, the company’s scientific co-founder. A NICU nurse by background, Dr. Gregory integrates her clinical experience with translational research, focused on preterm infant gut health and nutrition. She currently serves as Associate Chief Nursing Officer, Women’s and Newborn Health, Brigham and Women’s Hospital and Assistant Professor of Pediatrics, Harvard Medical School.
Astarte Medical recently appointed Eric Heil and Stephen Hanson to its Board of Directors. Heil is an executive with extensive early stage, venture-backed entrepreneurial experience in healthcare, and currently teaches healthcare entrepreneurship at University of Pennsylvania’s Wharton School of Business. Hanson is an accomplished hospital leader who has optimized performance for five health systems and four independent hospitals in seven states. Together, they will bring strategic oversight to Asarte Medical’s roadmap of solutions to improve preterm infant outcomes.
About Astarte Medical
Astarte Medical is the only precision medicine company using software and predictive analytics to improve outcomes during the first 1,000 days of life, with an initial focus on preterm infants. NICUtrition® by Astarte Medical supports feeding protocols, practice and decision-making in the neonatal ICU with a suite of digital tools and diagnostics designed to standardize feeding, optimize nutrition and quantify gut health. Learn more at www.AstarteMedical.com.
This project is supported by the Ben Franklin Technology Partners of Southeastern PA, an initiative of the Pennsylvania Department of Community and Economic Development funded by the Ben Franklin Technology Development Authority.
SOURCE Astarte Medical