CoapTech, a Baltimore-based medical device company that spun out of the School of Medicine, announced the initial close of a Series B funding round, which was led by Good Growth Capital, an early-stage venture capital firm that invests in transformative science and technology, with participation from the University System of Maryland (USM) Momentum Fund and the University of Maryland, Baltimore (UMB), a previous investor. Additional funds joining the round included NuFund, TEDCO, The Abell Foundation, and Ecphora Capital.
The round will support commercial expansion of CoapTech’s PUMA System, which enables novel minimally invasive surgical procedures in hollow organs using point-of-care ultrasound. Previously, it was unsafe or impossible to use ultrasound in air-filled parts of the body. The Food and Drug Administration-cleared PUMA-G System, which is the first and only device enabling bedside ultrasound-based placement of gastrostomy feeding tubes, has been proven to significantly reduce per-patient hospital cost and ICU length of stay.
CoapTech is located in Baltimore's Port Covington and collaborates with The LaunchPort, a medtech manufacturing accelerator in Port Covington, to manufacture its magnetic balloon catheter.
UMB has invested in CoapTech’s prior funding rounds through its technology transfer arm, UM Ventures, Baltimore. CoapTech has also received multiple Maryland Industrial Partnerships and National Institutes of Health grants in its research and development work.