We have some exciting news to share at MindRhythm today: we’ve closed our $5 million seed round! This is an important milestone for the company and sets us up strongly for success. In our press release announcing this news today, we referenced our oversubscribed round, but we have actually been progressing quite well for a while now using funds from the first tranche of the raise which were freed up in early 2021. Our original plan had been to execute two rounds as we moved through the development process, followed by a commercial raise in anticipation of FDA clearance. However, we have made significant progress in the past several months, achieving many of our goals ahead of schedule and under budget. This allowed us to bring in funds from investors who would not typically invest this early, substantially de-risking the company and providing the runway needed to get through our clinical trial and into FDA submission with a clinical claim specific to stroke triage.
While the funds are critical to provide the runway needed to complete our trial and submit to the FDA, we are also quite fortunate to have a mix of investors who believe in our cause and have the ability to help the company beyond the financial support. Our team of physicians, entrepreneurs, inventors, financial and medical device experts have provided us with guidance, introductions, suggestions and enthusiasm. Internally, our small team is comprised of passionate, dedicated people with different skill sets working toward the common goal of solving the triage problem in stroke. I believe this combination of skilled people is what has allowed us to progress so quickly and effectively and expect this will continue throughout every phase of MindRhythm’s existence.
In recent years, there has been an increased focus on the societal benefits businesses can provide. MindRhythm’s device, when used as intended, has a direct benefit to mankind. Getting all stroke patients to proper care in the shortest amount of time possible will benefit not only patients, but also their families and loved ones, physicians, paramedics, and the entire healthcare system. As a company, our responsibility is to develop useful products that will be adopted in the marketplace and provide a return to our investors. We intend to do that. However, in the process, we believe we will save countless lives, reduce suffering immeasurably, and save society significant amounts of money that can be allocated to other purposes. This not only makes the company more valuable financially, but a contributor to human well-being as well.
Everyone is connected to stroke in some fashion. Our goal is to eliminate the consequences of stroke to the benefit of all. This will unquestionably lead to a successful company and is a bold adventure for all involved. I thank everyone who has supported us thus far and welcome those wo would like join our mission. We are only just beginning.