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WaveClear, Inc Raises $1.125 Million in Series-A Funding Led by Hunniwell Lake Ventures
SAN FRANCISCO, October 13, 2020-- WaveClear, Inc., a medical device start-up pioneering the deployment of therapeutic ultrasound technologies to combat vascular diseases, recently announced today the closing of a $1,125,000 Series-A round of investment led by Palo Alto-based medical device venture capital firm, Hunniwell Lake Ventures ("HLV").
Peripheral vascular diseases are increasing worldwide, and current treatment methodologies require overnight stays or multiple short treatments because of the risk of hemolysis.
The funding will be used to further develop the CaviClearTM Endovascular System, a minimally invasive and cost-effective ultrasound generated cavitation device for a broad range of endovascular applications. As an initial indication, it will be seeking FDA approval to treat Peripheral Arterial Diseases (PAD). Additional indications for the treatment of Deep Vein Thrombectomy (DVT) and Peripheral Vascular Thrombectomy (PVT) are also being contemplated.
Jeffrey Vaitekunas, founder and CEO of WaveClear states, "We identified that ultrasonic energy can safely disintegrate blood clots in a single-session treatment without damaging the blood vessel. We believe we can save lives and limbs and greatly improve patient outcomes, particularly for chronic clot conditions."
Richard Fang, Managing Partner of HLV states, "WaveClear's CaviClear Endovascular System is a perfect example of applying a ready-to-deploy technology to urgent unmet clinical needs. Dr. Vaitekunas and his team have spent many years perfecting the use of ultrasound to treat PAD, DVT, and PVT. We believe this to be the long-awaited tool for vascular surgeons to treat patients worldwide."
HLV is joined in this investment by Ben Franklin Technology Partners, one of the largest state technology development programs in the nation.
Located in Erie, Pennsylvania and founded by Jeffrey Vaitekunas, who is currently an Assistant Teaching Professor at Penn State University in Erie after a distinguished career in the medical device industry, WaveClear was established to meet the need for treatment technologies to combat vascular diseases. WaveClear particularly specializes in medical device design and development, focusing on markets for ultrasonic therapeutic devices for the treatment of occlusive vasculature.
About Hunniwell Lake Ventures ("HLV")
Founded by Richard Fang and Daniel Teo, successful medical device entrepreneurs turned venture capitalists, HLV's mission is to help make surgery safer, more accessible and less invasive by investing in surgical innovations that help surgeons See, Treat and Heal better.