USM Maryland Momentum Fund Invests in ARMR Systems
University of Maryland BioPark-based startup is creating a next generation wearable tourniquet device to stop severe arterial bleeds and help increase the survivability of traumatic injury.Baltimore, Md. (February 10, 2020) – ARMR Systems, Inc., a medical technology company engineering a wearable hemorrhage control system to address non-compressible hemorrhage wounds that cannot be treated with a traditional tourniquet, received a $350,000 joint investment from the University System of Maryland (USM) Maryland Momentum Fund and the University of Maryland, Baltimore (UMB). This investment completes ARMR’s $750,000 seed funding round, which includes participation from the Tamiami Angel Fund III, LLC, the largest angel fund in the state of Florida. Funds will be used to finalize the beta product, for Class II FDA 510(k) submission with classification as a vascular clamp, and to support continued growth.
ARMR’s core technology was invented by Chief Executive Officer and Founder Chibueze “Chibs” Ihenacho in 2014 after his own personal experiences with a traumatic car accident. The advanced tourniquet system, a first-of-its kind device, is lightweight, affordable, easy to use, and enables fast, multi-lateral application at the point of injury. ARMR is targeting a large, established military, paramilitary, and first responder market, which needs better tools in times of trauma.
“Every year, 90% of preventable military deaths are due to hemorrhage. Our technology saves lives and gives hope to victims of traumatic injury when they need it most,” said Ihenacho. “Driven by our collective experience and passion for engineering, the ARMR team is merging apparel design and bioengineering to make an adaptable, accessible, and life-saving product.”
In little more than five years, ARMR has made significant progress in creating a commercially viable product. In the last year alone, ARMR has received $1.4 million in Department of Defense awards as well as Phase I Small Business Innovation Research (SBIR) funding to conduct additional product testing and validation. The company has established partnerships with leading institutions such as the Uniformed Services University of the Health Sciences, the University of Iowa, and the Naval Medical Research, to advance its novel research, deployed several pilots into the field with Special Operations Forces, and validated the product with multiple law enforcement agencies. In 2018, ARMR received investment from TEDCO’s Seed Fund. In 2017, ARMR successfully completed the Georgetown-based Halcyon Incubator program and was named a WeWork Creator Incubate awardee.
“Chibs has the right mix of drive, ambition, thoughtfulness, integrity, and self-awareness which has helped him build an excellent company in a relatively short time. His world-class Advisory Board and support network have been instrumental ARMR’s growth.,” said Claire Broido Johnson, Managing Director of the Momentum Fund.
“We are thrilled to see ARMR close their funding round with support from the Maryland Momentum Fund,” said James L. Hughes, senior vice president chief enterprise and economic development officer for UMB. “They are the first University of Maryland (UM) BioPark tenant to secure this funding and we hope to see more of our startup companies receive funding in the future.”
ARMR, located in the UM BioPark, relocated from Boston to Baltimore in 2017 due to the vitality of the region’s medtech ecosystem, proximity to key stakeholders, and the opportunity to partner with leaders in trauma and emergency medicine.
“The BioPark and its connection to UMB provides resident companies with easy access to the University’s renowned research centers and leading faculty, facilitating collaboration and advancing innovations in healthcare,” commented Hughes.
About the USM Momentum Fund
The Maryland Momentum Fund is an initiative of the University System of Maryland (USM) to provide late seed investment funding for promising technology ventures that come out of any of the 12 constituent USM institutions, its research parks, and its students, faculty, or graduates. With a $10 million commitment from the USM already in place, the Fund co-invests with venture capitalists, foundations, and angel investors.
The Maryland Momentum Fund, which was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses, has invested in ten startups to date: Gemstone Biotherapeutics, MF Fire, Minnowtech, Neoprogen, NextStep Robotics, the North American Wave Engine Corporation, PaverGuide, Retrium, Veralox, and Zest Tea. The Fund is designed to create returns and support USM’s most innovative ideas as they enter the marketplace. Learn more at http://momentum.usmd.edu/.
About Tamiami Angel Funds
Tamiami Angel Fund I, Tamiami Angel Fund II, and Tamiami Angel Fund III are member-managed funds that allow high-net-worth individuals and families to invest in promising early stage and expansion-stage companies located in the U.S., with a preference to those in the state of Florida. The funds are members of the Angel Capital Association and the Florida Venture Forum. For more information, visit www.tamiamiangels.com.
About the UM BioPark
The UM BioPark is a biomedical research park on the campus of the University of Maryland, Baltimore (UMB). The BioPark welcomes additional life science companies to join its growing scientific community of emerging, high-growth life science tenants and UMB translational research and clinical treatment centers. For early-stage to mature bioscience companies, the BioPark offers a sophisticated laboratory and office environment on UMB's vibrant academic medical center campus. Community members are commercializing new drugs, diagnostics, and devices and advancing biomedical research. Learn more about BioPark tenants at www.umbiopark.com/tenants.
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Contact – USM
Mike Lurie
Phone: 301-445-2719
Email: mlurie@usmd.edu
Contact – ARMR Systems
Paul Floyd
Phone: 617-671-5641
Email: p.floyd@armrsystems.com
Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu