OxiWear raises $1.25M in seed funding
OxiWear raised $1.25 million in its seed round of funding led by GAP Funds. The round also saw participation from Ted Leonsis, The Paul & Rose Carter Foundation, Paul Caicedo, Future Communities Capital, Gaingels, Halcyon Fund, Hourglass Venture Partners, TiE DC and Boston Chapters, and Tysons Angel Group.
OxiWear CEO and founder Shavini Fernando said, “OxiWear is a product that I developed to help patients like me – those living with pulmonary hypertension. Through our research, we learned that there is a larger market for oxygen monitoring including elite athletes, high-altitude travelers, and patients with diseases such as COPD, sleep apnea, and COVID-19.”
Founded in 2019, the startup has since been developing its ear-wearable oxygen monitoring device. The funding will go towards the beta testing of the device.
Commenting on the investment, Ted Leonsis stated, “I’ve been a proud, early supporter of Shavini and her life-saving work and I congratulate her on not only meeting her pre-seed funding round target – but decisively beating it. It’s a testament to how in-demand her product is and how smartly she has built her company around it. I expect she will only continue to grow, and I happily stand by her to offer advice whenever she needs it.”
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