BDC helps pour $6m into Clearwater Clinical series A

BDC Capital contributed cash through its Healthcare Venture Fund, helping to boost Clearwater Clinical’s total funding to date to $9.5m.

Clearwater Clinical, a Canada-based medical technology developer, closed a $6m series A round yesterday that included BDC Capital, the investment arm of state-owned Business Development Bank of Canada.

BDC Capital invested through its Healthcare Venture Fund and was joined by Whitecap Venture Partners, which led the round, and other, unnamed backers.

Founded in 2005, Clearwater Clinical operates a cloud-based data management platform and develops mobile devices aimed at the hearing health industry. Its lead product, Shoebox Audiometry, is the world’s first clinically-validated, tablet-based audiometer.

Whitecap will collaborate with Clearwater Clinical on product development, go-to-market initiatives and future financing strategy. The series A funds will help the company scale its business, focusing on Shoebox, expand its sales teams in North America and expand into Europe.

Clearwater has secured $9.5m to date, according to its latest press release.

The company previously obtained C$650,000 ($275,000) from Canada government-created program Federal Economic Development Agency for Southern Ontario in April 2016.

BDC Capital had earlier led a C$2m funding round in 2014.

Amine Benmoussa, principal at the BDC Capital Healthcare Venture Fund, said: "The current audiology infrastructure is inadequate to meet the needs of the incoming wave of an aging population and hearing damage from ubiquitous personal devices.

“The innovations incorporated into the Shoebox platform give Clearwater a clear advantage in this market and in potential new markets. Clearwater represents an excellent example of the Healthcare Fund's investment strategy.

“As an early investor, we have been impressed with the company's success so far and we look forward to supporting the team as they grow.”

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