Revive Solutions Raises $3.4M Seed Round to Develop Life-Saving Cardiac Technology
Dec 3, 2018
(“Revive” or the “Company”), a leading developer of a next generation Automated External Defibrillator (“AED”) addressing the global public health issue of Sudden Cardiac Arrest (“SCA”), has announced the completion of its $3.4M Seed Financing Round, which was led by new investor, Greenbox Venture Partners, along with new investors Rock Health, HealthTech Capital, Hippocrates VC, and prominent medical device executives and healthcare professionals. Proceeds from this financing will be utilized to complete the regulatory submission for Revive’s product, leading to commercial launch of the product upon FDA approval. To date, the Company has raised over $6M. Revive was founded with the mission of significantly increasing the survival rate from SCA by bringing a more accessible and robust AED solution to the market, aimed at addressing the problem of SCA in its entirety. Accounting for over 350,000 out of hospital deaths per year in the U.S. alone, SCA is the leading cause of death of people over age 40 and the leading cause of death for student athletes1. It is caused by an abnormality in the heart’s electrical system and is treatable by Cardiopulmonary Resuscitation (“CPR”) in conjunction with a high energy defibrillation shock delivered to a patient by an AED. Immediate treatment is crucial for survival, as every minute that a patient waits before receiving a defibrillation shock reduces survival chances by 7-10%2. Currently, the average EMS response time in the U.S. is 8-12 minutes, making immediate access to an AED and use of the device by a bystander critical for a patient’s survival3. The central issue in the AED market today remains limited accessibility of these life saving devices where they are needed most, due to their lack of portability, intimidating interfaces, burdensome maintenance process, and high price points. Overall, the expansion of the current market has been impaired by the relatively stagnant product offerings provided by existing manufacturers for decades. Revive is focused on bringing their disruptive solution to market, which will provide consumers with a modernized and accessible AED that is ultra-portable, easy to keep maintained, affordable and easy to purchase, and most importantly easy to use effectively when it matters most. “We are excited to back this team of entrepreneurs on their mission to disrupt the status quo in a market that has lacked new technologies for many years,” said Jeff Trost, Managing Director of Greenbox Venture Partners. “The innovative technology and intellectual property developed by the Revive team has the potential to put life-saving technology in the hands of every individual at all times, and the impact on survival rates could be staggering. We look forward to working with the team to bring this innovative product to the market in the near future.”
“We are very pleased to have such a strong group of investors with extensive healthcare technology backgrounds joining the Revive team as we look to bring our disruptive products to market,” said Rory Beyer, Co-Founder & CEO of Revive Solutions, Inc.
“We know far too many families that would still have their loved one here if an AED was immediately accessible. The fact of the matter is that today’s status quo product offerings in the AED industry are simply not good enough, as survival rates from SCA have remained nearly stagnant at ~10% for years. All of us at Revive are committed and intensely driven to make AEDs accessible to all, and as a result significantly increase survival rates,” said Sameer Jafri, Co-Founder & President/COO of Revive Solutions, Inc.
About Revive Solutions, Inc.
Revive Solutions, Inc. is a San Francisco-based privately held healthcare technology company developing a next generation automated external defibrillator and software solutions in an effort to significantly increase survival rates from Sudden Cardiac Arrest. Stay up to date by subscribing to our newsletter: www.revive.life/newsletter , and following us on LinkedIn: www.linkedin.com/revivesolutionsinc and Twitter: @Revive_AED . Benjamin, Emelia J., et al. "Heart disease and stroke statistics—2018 update: a report from the American Heart Association. " Circulation 137.12 (2018): e67-e492. Larsen, Mary P., et al. "Predicting survival from out-of-hospital cardiac arrest: a graphic model. " Annals of emergency medicine 22.11 (1993): 1652-1658. Seaman, Andrew M. “Be Prepared for Ambulance Wait Times.” Reuters, Thomson Reuters, 19 July 2017, www.reuters.com/article/us-health-emergency-response-times/be-prepared-for-ambulance-wait-times-idUSKBN1A42KQ .