Astarte Medical has closed an additional $3.5 million in financing to support the commercialization and adoption of its NICUtrition Suite. The company, which announced a $5 million Series A round in May of this year, will use the additional funds to accelerate hiring and ramp its sales and marketing efforts for its first two solutions, NICUtrition Analytics and NICUtrition Guidance.
Astarte Medical's NICUtrition Suite looks to address and automate the core challenges in the neonatal intensive care unit (NICU) related to enteral feeding, protocols, and compliance. In addition to streamlining workflows for clinical staff, the NICUtrition Suite enables hospitals to benchmark their protocol compliance and use data on a more granular level to continuously refine protocols to optimize outcomes.
Astarte Medical plans to grow its team by 300 percent in 2020, adding in-house sales and marketing staff, as well as client support functions to assist early adopters. In addition, the company also plans to expand its in-house engineering and data science teams to support continued product development.
The additional funds will also be allocated to developing a regulatory strategy in support of a 2020 MAGI trial, the development of a health disparities platform, and the exploration and isolation of novel therapeutic and diagnostic candidates.