FINANCING
Newport Beach-based Bulzi LLC, the developer of a geolocation data platform, said it received a $1.5 million grant from the U.S. Air Force last month.
The Phase II Small Business Research Innovation grant will be used to help the company adapt its commercial platform for base security; the project will be overseen by the Department of Defense, the company said.
Its platform connects with Internet of Things sensors on Dragonfly drones to help manage base personnel, contractors and visitors; and sends automatic notifications when unauthorized visitors enter bases or wander into restricted areas, among other uses.
The system is also being used by the Department of Defense to trace potential COVID-19 exposure and enforce social distancing; retailers and law enforcement agencies are using it as well.
Chief Executive Brent McKay spun the company out of Bulzi Media, a marketing and ad inventory platform, this summer.
Stanton-based ReJoule Inc. recently received a $1 million Phase II Small Business Research Innovation grant from the National Science Foundation.
The new capital brings the battery diagnostics firm’s total funds to $4.3 million to date, with additional support from the California Energy Commission.
ReJoule is the developer of a diagnostic device that measures electric vehicle batteries’ state of charge and overall health. It is currently working on a first-ever grading process for EV batteries.
It aims to figure out if EV batteries can be repurposed for commercial solar users, among other applications.
ReJoule was launched by siblings Chief Executive Steven Chung and Chief Financial Officer Zora Chung in 2017.
Aqua Medical Inc., a Santa Ana-based medical device maker, said it completed a $15.5 million round of financing.
Funds will support continued clinical trials for Aqua Medical’s vapor ablation device, which uses a variety of catheters and steam to treat areas in the stomach and GI tract, Chief Executive Lloyd Mencinger told the Business Journal.
The device will help treat Barrett’s esophagus, a stomach condition that can lead to cancer, and insulin-resistant tissue in patients with type 2 diabetes, he said.
Unlike competing products, Aqua Medical’s catheters can be used inside of an endoscope, the tube used in endoscopy procedures, making the product easier for physicians to use, Mencinger said.
The Series A round included funds from Palo Alto-based ShangBay Capital LLC, Ithaka Partners LLC in Florida, and ForMED Ventures in Taiwan.
Aqua Medical has also received financial support from a number of physicians and Pete Nicholas, founder and chairman emeritus of Boston Scientific Corp.
ACQUISITION
Medtronic PLC (NYSE: MDT) said it acquired Avenu Medical Inc. of San Juan Capistrano on Sept. 30.
Terms of the transaction are undisclosed.
Avenu is the creator of the Ellipsys Vascular Access System, an ultrasound-guided system that uses a single-catheter to facilitate dialysis therapy for patients with diabetes and other kidney problems.
Dialysis therapy is typically administered through an AV fistula–a pathway created between a vein and an artery in the arm. Surgeons in the past have created an AV fistula using an open surgical procedure.
By contrast, Avenu’s system allows physicians to conduct a non-invasive procedure in outpatient and ambulatory care settings. It has clearance in the U.S. and European Union.
Avenu was founded by Mark Ritchart and Ed Chang, who previously launched and sold Biopsys Medical Inc. to Johnson & Johnson for $310 million.
Medtronic’s acquisition of Avenu marks its second OC acquisition in 2020; it previously acquired Irvine-based blood flow monitoring device maker Laser Associated Sciences Inc.
LAUNCH
Rebeccatech, an Irvine-based medical device maker, recently unveiled its wrinkle-smoothing handheld device.
The ‘Nebulyft’ uses radio frequency technology to generate an electromagnetic field that penetrates the skin and stimulates collagen contraction and regrowth, Chief Executive Arthur Zhang told the Business Journal.
Skincare products often use heating elements to produce an ironing effect, which can cause overheating and long-term damage to the skin, while Nebulyft’s includes a sensor that prevents overheating, Zhang said.
Rebeccatech is currently going through the regulatory process to obtain Food and Drug Administration clearance for the Nebulyft.
In addition, it is conducting studies for another product: a miniature surgical instrument that could help physicians treat conditions in and around the stomach, Zhang said.
The company originally set out to create technologies to help surgeons reach problem areas sooner. For example, most cancer tumors have to reach a certain size before surgeons have the ability to access the growth and operate, Zhang said.
Rebeccatech was founded by Zhang and a group of researchers at the University of California-Irvine in 2015. It is a member of the UCI Beall Applied Innovation Wayfinder incubator.
PARTNERSHIPS
Givsum Inc. was named the official ticketing and sponsorships provider for Washington D.C.-based Oceana and Rotary Clubs of Orange County and Los Angeles.
The Costa Mesa-based technology platform provides a “giving summary” for nonprofit organizations and service clubs, Chief Executive Shawn Wehan told the Business Journal.
Givsum was started in a garage in Aliso Viejo with the vision to create “an all-in-one technology platform” that facilitates communications between philanthropic parties, Wehan said.
It offers tools such as fundraising campaigns, ticket packages and virtual event features; and plans to launch a text-to give feature and virtual auction function by the end of the year.
It also plans to launch an interface for businesses next year, which will help facilitate gift-matching programs and keep corporate partners accountable, Wehan said.
The company has raised about $1.4 million to date, with funds from OC4 Venture Studio, SteelBridge Labs in Pittsburgh and Miami, and a number of local angel investors.
Since its 2017 founding, Givsum has hosted more than 60,000 fundraising campaigns and processed more than $1.5 million in donations.
