Neopenda, a Chicago-based medical device company, is now raising funds in an equity crowdfunding campaign with Republic to enable expansion of clinical pilots into additional regions and to bring awareness to their work on a vital sign monitoring device for newborns.
According to the World Health Organization (WHO), in 2016, 2.6 million deaths, or roughly 46% of all under-five deaths, occurred during the neonatal period worldwide. Up to two thirds of newborn deaths can be prevented if known, effective health measures are provided at birth and during the first week of life.
Neopenda’s new device, a wireless wearable vital signs monitor that measures pulse rate, temperature, respiratory rate and peripheral blood oxygen saturation of critically ill newborns being cared for in hospitals, is geared toward underserved markets in Sub-Saharan Africa. The device enables healthcare providers in overcrowded and understaffed hospital wards to provide more timely and effective care to at-risk newborns.
“At Neopenda, we are laser-focused on involving our users and stakeholders in emerging markets in the design of our product and our business strategy. By raising funds on Republic, we have the opportunity to closely involve supporters at home in Neopenda’s growth as well,” said Neopenda founder and CEO Sona Shah.
“Republic is pleased to host this open investment opportunity in Neopenda and provide Neopenda with an alternative way of raising capital for their work,” said Kendrick Nguyen, CEO of Republic.
Republic, founded in early 2016, is a fast-growing investment platform where accredited and non-accredited individuals can invest in innovative startups curated by a team of experienced industry alumni.
In what started as a classroom project, in the last three years, the Neopenda team has worked tirelessly to develop and bring to market needs-based, context appropriate medical devices in emerging markets.
Founded by Columbia University alumni biomedical engineers Sona Shah and Teresa Cauvel, Neopenda creates end-to-end solutions that enable high quality patient care and nuanced data insights for stakeholders.
In the last few months, Neopenda has added team members in Uganda, begun the CE Marking process and been invited to the Techstars Chicago Class of 2018.