OKLAHOMA CITY, OK and CHICAGO, IL April 18, 2019 – Simergent closed a $2.835M seed round to continue developing an affordable home dialysis system for the US and abroad. Simergent’s Archimedes automated peritoneal dialysis system will allow access to home dialysis at a much more affordable price point with world-class patient usability and patient safety features.
Medicare currently spends over $35 billion per year on dialysis patients, representing over 7% of the entire Medicare budget. Globally, home dialysis is currently inaccessible or unaffordable by many end stage renal disease patients, with 2.3 million patients dying each year as a result. Simergent’s device aims to reduce healthcare expenditures, improve patient health, and make it easier for patients to perform dialysis at home.
i2E, Inc., led the round with investment of $1.475 million that included $750,000 from the Oklahoma Seed Capital Fund, $500,000 from the Oklahoma Angel Fund and $225,000 from the i2E-managed SeedStep Angels.
Funding will be used to complete design, manufacturing, and regulatory testing activities required for FDA clearance.
“Anyone who wants to perform dialysis at home should have the opportunity to do so. Simergent’s Archimedes system should help stem the tide of rapidly increasing Medicare and private insurance dialysis expenditures. With recent market trends moving toward home dialysis, we feel Simergent is uniquely positioned to disrupt the global dialysis market,” said Steve Lindo, Simergent’s co-founder and CEO. “We’re humbled at the tremendous response we’ve received from i2E and all of our investors to increase access to home dialysis.”
About Simergent
Simergent is committed to patient-centered home dialysis innovation aimed at reducing cost and improving patients’ quality of life. Simergent’s Archimedes system is not yet FDA-cleared for use. Simergent has offices in Oklahoma City, OK and Chicago, IL as part of the renowned MATTER healthtech incubator. For more information visit https://www.simergent.com/.
For more information, contact Simergent at sjlindo@simergent.com.
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