Uganda-Focused Neopenda Raises USD 300 K From Its Crowdfunding Equity Campaign
Neopenda, a Chicago-based public benefit corporation with a focus on Uganda, has completed its crowdfunding equity campaign with more than USD 300 K raised from 703 investors.
Our campaign closes today!! We are so thrilled to be over 1000% overfunded. Thanks to everyone who is joining us as we create needs-based #medtech to save lives in emerging markets. Last chance –> https://t.co/hMAgM1m5Qv
— Neopenda (@Neopenda_Health) January 18, 2019
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This is the result of the campaign which was kicked off in September 2018 in partnership with Republic, a fast-growing investment platform where accredited and non-accredited individuals can invest in innovative startups curated by a team of experienced industry alumni.
The startup has expressed delight over being “1000% over-funded” as it has raised money worth more than its intended USD 275 K.
“We are excited to use the funds to hit our next major milestones and progress towards commercialization so together, we can give all newborns a healthy start to life.” Neopenda CEO told WeeTracker.
Tech companies are mostly focused on problems that many Africans have, but the Chicago startup Neopenda works to solve a pressing problem for those residing in underdeveloped and low-resource regions of the world – infant mortality.
Neopenda makes a wearable neonatal vitals monitor, designed for use by healthcare providers in the world’s impoverished regions who are working to reduce the rate of newborn fatalities, an overwhelming reality in many parts of the world.
Courtesy: Wearable Technologies
The startup was founded in 2015 by Sona Shah and Teresa Cauvel in 2015 while they were both grad students of biochemical engineering at the Columbia University in New York.
These female founders’ device continuously measures four different vital signs: pulse rate, respiratory rate, oxygen saturation, and temperature. The gizmo then sends vitals data wirelessly over Bluetooth to a tablet that a nurse can monitor. It also alerts nurses if a child is in distress. The wearable monitor is still in its prototype stages, but Neopendaused 2018 to test it in clinical trials, with intentions to bring it to East African markets in 2019.
Since the company was launched, Shah and Cauvel have visited Uganda three times. On their trips, they have spent time in more than 25 local hospitals, shadowing nurses, interviewing providers and learning about the capabilities of facilities there.
Since its launch, Neopenda has raised over USD 600,000 in funding. The founder told WeeTracker (last year) that they planned to launch a USD 750 K seed funding round to help them finance clinical trials. Besides Shah and Cauvel, Neopenda has one other employee who works in Uganda, and the company will hire three more people this year, two of which will be based in Chicago and one who will be based in Uganda.
“We try to spend as much time as possible getting feedback from these Ugandan stakeholders,” Cauvel said. “We really want to make this a product that is useful, that lasts and has an impact in the field.”
Featured Image: Neopenda Via YouTube
