OAKLAND, Calif.--(BUSINESS WIRE)--Koya Medical, a healthcare company on a mission to transform lymphatic and venous care through a comprehensive suite of innovative, people-centric platforms, today announced the close of a $26 million Series B financing. The round was led by 3x5 Partners, along with new investors including Asahi Kasei Ventures, Cadence Healthcare Ventures, and existing investors Arboretum Ventures and Scientific Health Development, among others.
Proceeds from the financing will be used to accelerate the expansion and commercialization of its Dayspring® active compression system. The company will also use the funds to continue to advance the Dayspring platform and clinical research programs to pursue additional indications for lymphedema and venous disorders.
Dayspring is the first active compression treatment that enables movement and mobility cleared by the U.S. Food and Drug Administration (FDA) to treat lymphedema and chronic venous conditions.
“Koya Medical is an innovative company that has the leadership, insights, and capabilities to bring ground-breaking treatment options that provide greater freedom and more mobility to patients with lymphedema and venous disorders,” said Joe Biller, managing director of 3x5 Partners. “Investing in the people behind transformative healthcare companies like Koya is at the core of 3x5’s strategy.”
“Welcoming new investors alongside our existing investors further validates our progress and commitment to developing innovative patient-centric solutions. We are proud to have the support of experienced medtech investors who believe in our vision to reimagine treatment options that transform lymphatic and vein care and impact the lives of millions of patients,” said Andy Doraiswamy, Ph.D., Koya Medical founder, president, and CEO. “The financing strengthens our ability to provide a comprehensive suite of active compression solutions that enable natural movement and muscle use to promote healthy fluid flow and help improve the quality of daily life for people living with lymphedema, venous insufficiency, and other chronic swelling disorders.”
“The Koya team has continued to hit its milestones and follow through on its commitments. We have every confidence that this team will continue to deliver on building its robust portfolio and broad clinical evidence, and its development and commercialization capabilities,” said founder and managing partner, Jan Garfinkle of Arboretum Ventures. “We look forward to supporting the team and company in the next phase of its growth.”
About Lymphedema
An estimated 20 million Americans live with lymphedema, a progressive, incurable condition where a buildup of protein rich fluid causes painful swelling in the arm, leg, and/or other regions of the body.[1] For most, lymphedema requires lifelong maintenance and various levels of therapy to control swelling and pain. Lymphedema is commonly caused by cancer and its treatment due to damage of the lymph system from the tumor itself, radiation treatment or the surgical impairment of lymph nodes.
About the Dayspring™ System
The Dayspring system is the first wearable and mobility-enabled active compression system designed with real life in mind. It is the first and only compression therapy option designed to enable movement, mobility, and personalized care that is unavailable with traditional compression therapy. The Dayspring system includes a low-profile active garment made of soft, breathable mesh using Koya’s proprietary Flexframe™ technology; a smart, rechargeable, hand-held controller that can be worn on a lanyard; and a mobile app that allows users or their clinicians to track therapy and program custom treatment options.
Dayspring is FDA 510(k) cleared to treat lymphedema and other similar conditions that impact lymphatic flow in the upper and lower extremities.
About Koya Medical
Koya Medical is a transformative healthcare company developing breakthrough treatments for lymphedema and venous diseases to increase movement, mobility, and personalized care that is unavailable with traditional compression therapy. The privately held company was founded in 2018 with the mission to transform lymphatic and vein care through innovative patient-centric platforms. For company or product inquiry, contact info@koyamedical.com. Follow us on LinkedIn at www.linkedin.com/company/koyamedical/.
[1] Dean, S. M., Valenti, E., Hock, K., Leffler, J., Compston, A., & Abraham, W. T. (2020). The clinical characteristics of lower extremity lymphedema in 440 patients. Journal of Vascular Surgery: Venous and Lymphatic Disorders, 8(5), 851–859. https://doi.org/10.1016/j.jvsv.2019.11.014
