Rivanna Medical Receives Funding of $30.5 Million

Rivanna Medical has received $30.5 million in funding from early execution over 38 months, by the Biomedical Advanced Research and Development Authority (BARDA), as part of the Administration for Strategic Preparedness and Response in the US Department of Health and Human Services.
 
The funding is to support further development of Accuro XV for comprehensive point-of-care musculoskeletal diagnostics, and an application submission for FDA clearance. The project and system strive to develop a product that will expedite triage of low acuity extremity injuries in emergency medicine, with a focus on mass-casualty blast trauma incidents.
 
Accuro XV utilizes ultrasound-based bone and 3D soft-tissue imaging technology along with AI-enabled software to provide an advantage over traditional x-ray methods. Without exposing patients to radiation and without extensive user training, the system is designed for rapid automated detection and volumetric assessment of skeletal fractures and soft tissue injuries. 
 
The contract includes additional second round of funding of up to $56.4 million for the support of the development leading to FDA 510(k) clearance for CADe/x artificial intelligence-enabled fracture detection. 
 
Rivanna Medical is led by co-founder and CEO Will Mauldin. The company develops and commercializes imaging-based medical technologies, including BoneVision Muli-Probe Multi-Angle Image Acquisition, BoneEnhance Multi-Frequency Image Reconstruction and SpineNav3D AI-Enabled Spine Recognition.