Funding

Magnolia Medical Technologies raises $13.8M

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What does Magnolia Medical Technologies do?

Magnolia Medical Technologies, is a device development company, which has developed SteriPath blood collection systems. The company focuses on improving the accuracy of diagnostic blood culture tests and is a leader in improving the quality and accuracy of in-vitro diagnostic test results. The company’s flagship product Steripath is the only commercially available device on the market which is designed for eradicating false positive blood cultures, the standard of care blood test used for diagnosing sepsis, which is a life threatening bloodstream infection.

How much Magnolia Medical Technologies was funded?

The company raised $13.8M in undisclosed round on July 15, 2016 from HealthQuest Capital.

Previous funding

  • $165.77k on December 21, 2011
  • $2.51M on August 30, 2013
  • $6.24M in undisclosed round on June 3, 2015 from Rhapsody Venture Partners LLC
  • $1.37M on March 9, 2016

What is next for Magnolia Medical Technologies?

Magnolia Medical Technologies plans to use the latest funding raised for accelerating commercialization of its medical flagship product line, the Steripath blood collection system. The company also plans to use the funding for supporting its ongoing development of its roadmap of devices for eliminating human errors which cause false positive and false negative clinical lab test results. As a part of the funding, Garherg Kong, M.D., Ph.D., founder of HealthQuest Capital, which was the investor of the latest funding round, will join the company’s board of directors.

More about Magnolia Medical Technologies

Magnolia Medical Technologies was founded in 2011 by Richard G. Patton and Greg Bullington. It has its headquarters in Seattle, Washington. This company develops and manufactures innovative blood and body fluids collection devices which improve the accuracy, consistency and predictability of IVD tests. The company’s device eliminates human errors which cause erroneous test results through well engineered body fluids collection device. This company greatly improves patient safety and reduces hospital costs.

 

 

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