Stoic VC leads $1m Pre-Series A for Lenexa Medical
Lenexa’s unique patient monitoring technology, LenexaCARE™, aims to combat the problem and prevalence of pressure injuries occurring in hospitals and healthcare facilities world-wide.
We’re pleased to be leading Lenexa’s pre-series A, a team bridging geriatric care with the future of preventative medicine.
Pressure injuries (PIs) are mostly preventable yet there are more than 300,000 cases in Australia every year. PIs can be life threatening, painful and have adverse effects on patients as well as their families, ultimately costing the healthcare system billions of dollars. Research published in the International Journal of Nursing Studies (June 2022), calculates that cost at over $9 billion in Australian public hospitals alone.[i] The same study indicates reducing hospital acquired PIs by 50% would result in treatment savings of $1.10 billion per annum.
“The avoidance of this major healthcare problem, the development of pressure ulcers (injuries), as well as any secondary complications, is the primary target for LenexaCARE’s sensing technology. Applying LenexaCARE will be especially valuable for dependent patients within hospital zones as well as those residing within aged care where augmentation of monitoring of pressure care with this technology may be a critical addition to the time-limited staff’s ability to prevent the development of pressure ulcers”.
– Professor Marc Budge, Director at Bendigo Health
LenexaCARE™ is an Australian made patient monitoring system consisting of an unobtrusive fabric-based smart sheet, incorporated into the surface of a bed mattress. Communication software provides remote and individualised patient information for clinicians and carers regarding any risk of injury, also alerting carers to step in when required. Funds raised from a pre-series A will help in the production and roll out to both domestic and overseas hospitals and aged care facilities. Bendigo Health is currently trialling LenexaCARE, one of Victoria’s largest Hospitals.
“PI’s, once they reach stage 3 are a major financial setback for public hospitals, and treatment unfortunately ignores that sunk cost. Lenexa are one of the few pushing the boundaries of preventative health solutions for our public health system that’s still battling the aftershocks of COVID.”
“It’s an invisible solution, to an invisible problem”.
– Harikesh Pushpapathan, Investment Manager at Stoic VC
Since its inception in 2017, Lenexa Medical has received several industry awards including the ‘Good Design Award – Gold Winner’ at the 2022 Victorian Premiers Design Awards; ‘Highly Commended’ for the category of Technology and Business, 2022 Future of Ageing Awards; ‘Merit’ at the Business and Industry Solution of the Year AIIA iAwards in 2022.
Lenexa Medical has preliminary distribution agreements in place with one of Australia’s leading medical suppliers. The company has also entered into negotiations to supply LenexaCARE™ with a leading US distributor of hospital beds.
Generation 2 of LenexaCARE™ is underway in a collaboration with the University of Melbourne, which has been partially funded by an Innovation Connections grant under the AusIndustry Entrepreneurs’ Program. LenexaCARE™ is listed on the Australian Register for Therapeutic Goods and the New Zealand Medical Devices Safety Authority. It also on track for US Food and Drug Administration listing later in 2023.