The University of Maryland BioPark-based company moved to Baltimore in 2017. Now it’s looking to continue growing a team as it moves its device to market.
Two years ago, ARMR Systems moved to Baltimore to base development of a device to stop bleeding before a medic can arrive. Now the University of Maryland BioPark-based startup has new investment that includes participation from local funds, and is looking to expand its team.
The company said Monday that it raised a $750,000 seed round that included local backing: a $350,000 joint investment from the University of Maryland, Baltimore and the Maryland Momentum Fund. The latter is the venture fund created by the University System of Maryland to invest in companies connected to the state universities. Working out of the GRID, ARMR Systems is the first BioPark tenant to receive investment from the Fund. The round also included participation from Naples, Florida-based Tamiami Angel Fund.
In 2017, the company moved its headquarters from Boston to Baltimore as it looked to be close to experts in emergency medicine and medical devices, as well as military installations. In the time since, the company worked with institutions like Uniformed Services University of the Health Sciences, the University of Iowa and the Naval Medical Research Center to develop and validate the product.
On the ARMR team itself, it has combined apparel and bioengineering experience to create what CEO Chibueze Ihenacho dubbed an “airbag for trauma.”
“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,” Maryland Momentum Fund Managing Director Claire Broido Johnson said in a statement.
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