News & Announcements
USM Maryland Momentum Fund Invests in ARMR Systems
February 10, 2020
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.
Read the full release from the University System of Maryland.