Triangle Venture Alliance (TVA), a newly formed investment alliance among angel networks at North Carolina State University, Duke University, the University of North Carolina at Chapel Hill and NC Central University, today announced its first investment as an alliance – 410 Medical. 410 Medical is an early-stage medical device company that has developed and is now commercializing a novel medical device that can rapidly infuse life-saving fluids during medical emergencies.
410 Medical is focused on developing innovative products that enable front-line medical providers to improve care for critically ill patients. The company’s first FDA-cleared product, LifeFlow®, is designed to enhance the speed and efficiency of fluid resuscitation, improving care for patients with life-threatening illnesses. Dr. Mark Piehl, a pediatric intensive care physician at WakeMed Children’s Hospital with clinical faculty appointments in Pediatrics at UNC School of Medicine and Duke University School of Medicine, is the founder and chief medical officer of 410 Medical. He created LifeFlow as an alternative to standard fluid infusion devices – IV bags, syringes, and infusion pumps – in critically ill patients who need rapid fluid resuscitation.
“This investment will assist 410 Medical in further advancing our efforts toward ensuring that front-line providers have access to LifeFlow, a tool that can assist them in rapidly and effectively treating critically ill patients,” Dr. Piehl said. “As a clinician who is affiliated with two of the three great local universities that formed this alliance, it is very rewarding to receive this investment and to know that these three organizations have found another way to make a positive impact on patients’ lives – funding innovation. I firmly believe this partnership among the universities will serve to support the strong ideas that come from each of the schools, further strengthening a local, innovation-driven economy.”
With design and engineering assistance from NC State biomedical engineering undergraduate students, Dr. Piehl and the 410 Medical team designed and developed early prototypes for the LifeFlow Rapid Infuser – the focus of this investment.
During the due diligence process, students from all three network’s associate teams worked together to produce a comprehensive diligence report for the investment opportunity. In addition, contacts through all of the networks were used to provide independent market validation of the LifeFlow value proposition and market opportunity.
“The combined power of almost 300 alumni who have already joined our three networks from around the country is a wonderful new source of advice and funding for our entrepreneurial community,” said Randy Myer, executive director of the Carolina Angel Network.
“Providing growth capital to companies like 410 Medical is the key to the continued economic success of our region. Not only was this product developed locally, but it also will be manufactured in North Carolina, providing a double boost to the local economy,” said Joe Sinsheimer, managing director for NC State’s Wolfpack Investor Network.
“The close collaboration between our angel groups creates a powerful resource for the universities and our combined alumni networks.” said John Glushik, managing director of the Duke Angel Network. “410 Medical is just the first example of how we will work together to support entrepreneurs who are affiliated with our schools.”
Triangle Venture Alliance, a partnership among Duke University, the University of North Carolina, NC State University and NC Central University, is a network of angel groups created to fund early-stage private companies founded or managed by alumni, students, parents, staff and faculty. Combining the power of these Triangle university alumni angel investors gives groundbreaking ideas and innovations the best chance at success. The alliance is made possible through funding from the U.S. Dept. of Commerce Economic Development Administration Regional Innovation Strategies Seed Fund Support Grant.
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This post was originally published in NC State News.