NirvaMed, A Medical Device Startup Owned By A Thai Doctor Secures US$4.5 Million In Series A2 Funding
Thai owned US based medical device startup Nirvamed, founded by Dr Pramote Hochareon, has secured a US$4.5 million in a series A2 funding lead by Siriraj Foundation (The financial foundation that is overseen by the Faculty Of Medicine of Siriraj Hospital), Bangkok Dusit Medical Services (BDMS Group), PTT Global Chemical, Samart Corporation, Double-A, Ahead Advisory and several individual investors.
Dr Pramote Hochareon
ultimate goal is to raise US5.5 million in this round, with the amount of interests being expressed in the company at the moment by both Thai government and corporate entities coupled with many global VCs and capital groups interested to not miss out on this “once in a life time ‘guaranteed Hectocorn’ in the making, Nirvamed would have no problems hitting levels beyond what it wants in terms of money and funding.
The secret to Nirvamed’s guaranteed success is that it already owns 4 patents to a revolutionary Rapid and Localized Heart Cooling Technology that could save millions of lives.
Each year, more than 425 million people develop Cardiovascular diseases and more than 18.1 million people die from it. The new technology invented by Dr Pramote can help save and prevent heart muscle tissue damage and death due to heart attacks ,during before and after angioplasty procedures or due to reperfusion injuries. This could save millions of lives each year.
Setting up a Research, Development And Innovation Laboratory Centre In Thailand
The funding which is touted by many as a Thai partnership collaboration, also involve setting up a research, development and innovation laboratory centre at the Faculty Of Medicine Siriraj Hospital to further develop, test and also conduct more research on this technology and platform so that a final prototype can be submitted to regulatory bodies like the US FDA and the Europe CE Mark.
This collaboration will enhance Thailand Global standing as a hub of medical innovations and medical device development along with the transfer of important know how and issues of proprietary rights etc. This collaboration will signal raising of standards in the field of medical innovations in Thailand and also lead to more such projects materializing in the very near future.
Dr Paromote Hochareon illustrious background
Dr Paromote Hochareon graduated with a medical degree from Mahidol University, Siriraj Hospital and later went to the US to do his PhD in Biomedical Engineering from the Pennslyvania State University. For a while, he was a research scientist at Boston Scientific and played a critical role in various breakthroughs and research including arrhythmia detection, heart failure monitoring technologies. Nirvamed’s business advisor is Ed Shapland, the CEO of Osprey Medical, a successful medical device company specializing in minimally invasive heart catheters.
Although the industry standards for such a product to evolve and pass through various testing and trial stages before actually having the final product getting US FDA and other international regulatory approvals, might involve a time span of between 5 to 7 years and on a minimal level, will cost at least US$ 50 million worth of investments, many in the medical device, cardiology, also financial and investment fields are extremely optimistic about the whole startup project as it is anticipated that the technology could saves millions of lives and also generate not less than a trillion dollars a year once the technology is available commercially around the globe.