VIPC's Virginia Venture Partners Invests in OxiWear to Provide Support for Emergency Alert of Pulmonary Hypertension
Virginia Innovation Partnership Corporation
November 03, 2022, 17:41 GMT
OxiWear's ear-wearable devices offer continuous oxygen monitoring and prevent delays in assistance
I live with pulmonary hypertension, and have experienced the dangerous complications of silent hypoxia. OxiWear is designed to help others reduce the stress of this disease and lead fuller lives."
— Shavini Fernando, Founder and CEO of OxiWear.
RICHMOND, VIRGINIA, UNITED STATES, November 3, 2022 /EINPresswire.com/ -- Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), today announced an investment in OxiWear. Arlington, Va.-based OxiWear is an ear-wearable device for those with Pulmonary Hypertension (PH) that need to monitor their oxygen levels. OxiWear monitors the oxygen levels and alerts the wearer when their oxygen levels fall too low, reducing wait time for treatment. Since the previous VIPC investment, OxiWear also received funding from the Virginia Founders Fund (VFF), has won the JHF Healthcare Safety Challenge Kicker Prize, the CTIA Wireless Foundation Catalyst Award, was selected to lead Sports and Health Tech Accelerator, and more.
Pulmonary hypertension (PH) is a type of high blood pressure that affects arteries in the lungs and heart. Many suffer from shortness of breath, dizziness and chest pressure, and are at a higher risk of heart failure due to PH-induced silent hypoxia. By tracking oxygen levels, OxiWear increases safety and peace of mind for those prone to silent hypoxia, all while helping to reduce healthcare costs.
"I have personally endured what is like to live with pulmonary hypertension, and have experienced the dangerous complications of silent hypoxia. I developed OxiWear as a tool to help others reduce the stress of this disease and lead fuller lives," said Shavini Fernando, Founder and CEO of OxiWear. "It is our mission to continue increasing safety and peace of mind for those who suffer, and we are extremely grateful for the ongoing support of VIPC's Virginia Venture Partners to help continue our growth and innovation."
OxiWear is a small, modern ear-wearable device that provides continuous oxygen monitoring and low oxygen alerting. This device is especially useful for those who suffer from silent hypoxia caused by pulmonary hypertension, high altitude, high-cardio activities and COVID-19. If a person's oxygen levels drop severely, the user can quickly obtain the medical assistance needed by hitting one button.
"The OxiWear device empowers those with pulmonary hypertension to lead normal lives and avoid serious medical consequences," says Tom Weithman, VIPC Chief Investment Officer and Managing Director of Virginia Venture Partners. "We are excited to contribute to their success and see the continued impact they make in the healthcare industry."
OxiWear is committed to reducing patient vulnerability to hypoxic injury through wearable, continuous oxygen monitoring and low-oxygen alerting. Our mission is to increase safety and peace of mind for those prone to silent hypoxia, to reduce healthcare costs, and to save lives. OxiWear was developed in 2019 by Shavini Fernando, a VR/video game and web designer who suffers from pulmonary hypertension as a result of Eisenmenger Syndrome. For more information, visit: OxiWear.com. Fitness devices can now be pre-ordered at OxiWear.fitness.
About Virginia Venture Partners
Virginia Venture Partners, is the equity investment program of VIPC that makes seed-stage equity investments in Virginia-based technology, clean energy, and life science companies with a high potential for achieving rapid growth and generating a significant economic return for entrepreneurs, co-investors, and the Commonwealth of Virginia. Since its inception in 2005, Virginia Venture Partners has deployed $41.8 million in capital across more than 275 portfolio companies, including 17 companies in designated Opportunity Zones. Virginia Venture Partners' investment decisions are guided by the Virginia Venture Partners Investment Advisory Board (IAB). This independent, third-party panel has drawn from the expertise of leading regional entrepreneurs, angel, and strategic investors, and venture capital firms such as New Enterprise Associates, Grotech Ventures, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources. For more information, please visit www.virginiaipc.org/vvp.
About Virginia Innovation Partnership Corporation (VIPC)
VIPC: Connecting innovators with opportunities As the nonprofit operations arm of the Virginia Innovation Partnership Authority (VIPA), VIPC is the commercialization and seed stage economic development driver in the Commonwealth that leads funding, infrastructure, and policy initiatives to support Virginia's innovators, entrepreneurs, startups, and market development strategies. VIPC collaborates with local, regional, state, and federal partners to support the expansion and diversification of Virginia's economy.
Programs include: Virginia Venture Partners (VVP) | VVP Fund of Funds (SSBCI) | Virginia Founders Fund (VFF) |Commonwealth Commercialization Fund (CCF) | Petersburg Founders Fund (PFF) | Smart Communities | Unmanned Systems | Advanced Air Mobility (AAM) | Public Safety Innovation |Entrepreneurial Ecosystems | Regional Innovation Fund (RIF) | Federal Funding Assistance Program (FFAP) for SBIR & STTR | University Partnerships | Startup Company Mentoring & Engagement. For more information, please visit www.VirginiaIPC.org. Follow VIPC on Facebook, Twitter, and LinkedIn.
Angela Costello, Vice President of Communications
Virginia Innovation Partnership Corporation (VIPC)
angela.costello@VirginiaIPC.org
Distribution channels: Banking, Finance & Investment Industry, Companies, Culture, Society & Lifestyle, Emergency Services, Healthcare & Pharmaceuticals Industry
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