CoapTech Raises New Funding Round Led by Good Growth Capital
The “Built in Baltimore” medical device company is delivering transformative solutions for minimally-invasive surgery
Baltimore, Md. (May 28, 2025) – CoapTech Inc., a Baltimore-based medical device company, announced today the initial close of a Series B funding round, which was led by Good Growth Capital, an early-stage venture capital firm that invests in transformative science and technology, with participation from the University System of Maryland (USM) Momentum Fund (Momentum Fund) and the University of Maryland, Baltimore (UMB), a previous investor. Additional funds joining the round included NuFund, TEDCO, The Abell Foundation, and Ecphora Capital.
The round will support commercial expansion of CoapTech’s PUMA System™, which enables novel minimally-invasive surgical procedures in hollow organs using point-of-care ultrasound. Previously, it was unsafe or impossible to use ultrasound in air-filled parts of the body. The FDA-cleared PUMA-G SystemTM, which is the first and only device enabling bedside ultrasound-based placement of gastrostomy feeding tubes, has been proven to significantly reduce per-patient hospital cost and ICU length of stay.
The PUMA-G catheter has a modular design, allowing it be easily adapted to perform a variety of procedures in other hollow areas in the body, enabling other applications of the PUMA SystemTM.
"We searched long and hard for the very best of the best companies to invest in, and we are very excited to fund CoapTech," said Amy Salzhauer, managing partner at Good Growth Capital. "CoapTech's technology is a real game-changer for patients who need feeding tubes, the doctors who insert them, and the hospitals that are fighting to bring down costs for these patients and insurers."
“We’re proud to have the support of such outstanding partners as we advance a new gold standard for feeding tube placement and other vital procedures,” said Howard Carolan, co-founder and chief executive officer of CoapTech. “Health systems urgently need technologies that improve patient outcomes while reducing costs and delays. This funding enables us to accelerate adoption of the PUMA platform and bring more efficient, patient-centered care to hospitals nationwide.”
The PUMA SystemTM is built in Baltimore. Steven Tropello, MD, MS, founder and chief medical officer and inventor of the PUMA SystemTM, spun the Company out of UMB in 2019 with co-founder Howard Carolan, MPH, MBA. Since that time, they have partnered with the University of Maryland Medical Center on clinical trials and other University of Maryland Medical System hospitals on clinical studies. Today, CoapTech is located in Baltimore’s Port Covington and collaborates with The LaunchPort, LLC, a medtech manufacturing accelerator located in Baltimore’s Port Covington, to manufacture its magnetic balloon catheter.
“We’re excited to join Howard, Steven, and the Company’s investors as they work to scale adoption of their products across ICUs nationwide,” said Mike Ravenscroft, managing director of the Momentum Fund. “CoapTech’s solution isn’t just improving patient safety and satisfaction. The company’s clinical workflow improvement is delivering some of the highest levels of cost-savings I’ve ever seen in my career. Their reductions in length of stay and per-patient hospital costs are generating millions in savings for ICUs. We’re looking forward to helping the team scale their solution and product portfolio to continue lowering the cost of care, removing care bottlenecks, and delivering a safer solution for patients.”
UMB has invested in CoapTech’s prior funding rounds through its technology transfer arm, UM Ventures, Baltimore. CoapTech has also received multiple Maryland Industrial Partnerships (MIPS) and National Institutes of Health grants in its research and development work.
About CoapTech
CoapTech is a Baltimore-based medical device company commercializing a new platform called the PUMA System, which allows ultrasound to be utilized in hollow organ cavities. The PUMA (Point-of-care Ultrasound Magnet Aligned) System enables several new minimally invasive, bedside medical procedures, substantially reducing costs while improving patient safety and experience. The platform’s first product application, PUMA-G for ultrasound gastrostomy in adults, has been cleared for use in the U.S. by the FDA via the 510(k) pathway. CoapTech was selected as a Maryland Tech Council Life Science Company of the Year finalist in 2025, named a BioBuzz Breakthrough Life Science Company of the year in 2024, selected as a Medtech Innovator 2019 Best-in-Class Startup company and was named 2018 Maryland Incubator Company of the Year for Best Medical Device Company. Visit www.coaptech.com for more information.
About Good Growth Capital
Good Growth Capital is known for finding, funding and growing superior, defensible technology companies. Its venture capital funds invest in early-stage life science, green tech and data science companies that solve critical societal needs. The team has world-leading expertise in technology commercialization, with the Managing Partners having a combined 120 years of early-stage operational and investing experience.
Learn more at www.goodgrowthvc.com
Contact: samuel@goodgrowthvc.com
About the University System of Maryland 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 $16M commitment from the USM, the Fund co-invests alongside venture capitalists, foundations, and angel investors.
The Maryland Momentum Fund was established by the USM Board of Regents to support promising commercial opportunities arising from advances in research and intellectual property at USM campuses. The Fund is designed to create returns and support USM’s most innovative ideas as they enter the marketplace. Learn more about the Fund and view the portfolio companies at https://momentum.usmd.edu/
Contact: Mike Lurie
Phone: 301.445.2719
Email: mlurie@usmd.edu
