RoddyMedical: Medical device startup closes on $600K seed round funding

CONTACT:

Pat Deno, [email protected]  414-975-3303

or

Lindsey Roddy, [email protected]  414-395-5714

RoddyMedical Inc. Raises $600K In Seed Round, Partners with Two Badger Fund of Fund Venture Capital Investor Groups to Launch Innovative Medical Device SecureMove-TLCTM

WAUWATOSA, Wis. – RoddyMedical, Inc. announced the closing of its $600,000 series seed investment round and partnership with the Winnebago Seed Fund, and the Winnow Fund, two of Wisconsin’s Badger Fund of Fund venture capital firms. The seed round will finance the manufacturing and product launch of the firm’s wearable medical device, the SecureMove-TLC™.

“Lindsey Roddy’s years of firsthand clinical experience and connections have driven the product and team forward and ensured that the product design meets the needs voiced by frontline healthcare workers,” stated Richelle Martin, managing director of Madison-based Winnow Fund. “This is the kind of innovation we search for; the product and team are a win-win for the state of Wisconsin and our investors.”

The SecureMove-TLC™ is a wearable, single-use medical device designed to organize and secure different types of medical tubes, IV lines, and cords to support patient therapy efficiency, and improve IV medication safety. The patent-pending tension mitigation device is designed to eliminate hazardous pulling and line/cord dislodgement during therapy, transport, and patient movement. The SecureMove-TLC™ is engineered to help hospitals and acute care areas meet progressive mobility therapy goals by keeping tubes, IV lines and cords secure and organized, providing a new level of safety and security for therapy activities and beyond.

“We are excited to be able to support RoddyMedical and the launch of the SecureMove-TLC™. We believe in the team and the product,” stated David Trotter, managing director of the Winnebago Seed Fund.  “We are looking forward to doing great things together.”

“RoddyMedical is especially excited to be partnering with two venture capital firms that fervently support Wisconsin based startups and growth in the state,” mentioned Lindsey Roddy, founder and CEO of RoddyMedical. “Our strategic manufacturing partners are located in Wisconsin and the Midwest to purposefully support the state and region.” Roddy further stated, “the innovation was developed in Wisconsin with the support of programs out of the University of Wisconsin-Milwaukee, the Regional National Science Foundation (NSF) I-Corps program, and the Wisconsin Economic Development Corporation – Ideadvance grant programs and We’re All Innovating grants.”

RoddyMedical has garnered multiple letters of support from hospital leaders in Wisconsin and throughout the county. The company is a finalist in this years’ Wisconsin Innovation Awards.

About RoddyMedical

RoddyMedical is a women founded and operated, Wisconsin-based C corporation (C-corp), headquartered in Wauwatosa, Wis. The founder, Lindsey Roddy, RN, almost lost one of her patients in the ICU due to a medical tubing hazard. When assisting a patient getting out of bed after surgery for therapy, the line carrying the patient’s life support got caught and pulled out of his neck. This was an extremely close call and was a jarring experience.
After being unable to find anything on the market that could have prevented this problem, and hearing from other nurses this was not an isolated incident, Lindsey began to design something that would prevent this from ever happening again. Soon after RoddyMedical was launched, the SecureMove-TLC™ was in development providing a much-needed solution for patient mobility, therapy, and transport.

About the SecureMove-TLC™

The SecureMove-TLC™ is a wearable, single-use medical device designed to organize and secure different types of medical tubes, IV lines, and cords to support patient therapy efficiency, improve IV medication safety. The patent-pending tension mitigation is designed to eliminate hazardous pulling and line/cord dislodgement during therapy, transport, and patient movement. The SecureMove-TLC™ enhances patient comfort, while promoting efficiency and time savings for staff. The SecureMove-TLC™ is designed to be worn by the patient but can also be repositioned to attach to a bed or IV pole, is skin biocompatible and made with all medical-grade materials. The SecureMove-TLC™ is engineered to provide a new level of confidence, safety, and security in mobility therapy activities and beyond. For more information visit www.roddymedical.com.

About the Winnow Fund: The Winnow Fund is a venture capital fund headquartered in Madison, Wis. The fund invests in early-stage Wisconsin-based companies that have excellent growth potential in the next 3-5 years, with specific interest in startups developed out of universities around the state. The Winnow Fund is a portfolio fund under the Badger Fund of Funds. The Badger Fund is managed by Sun Mountain Kegonsa, LLC, a partnership between Kegonsa Capital Partners and Sun Mountain Capital. The Badger Fund has raised over $35 million, including $25 million from the State of Wisconsin. For more information visit https://winnowfund.com.

About the Winnebago Seed Fund:

The Winnebago Seed Fund is a venture capital fund based in Neenah, Wisconsin, with an emphasis on seed investments in startup companies throughout Wisconsin. The Fund’s primary purpose is to generate investor return by partnering with talented entrepreneurs to rapidly grow their businesses. For more information visit http://www.winnebagoseedfund.com.