University of Notre Dame Medical Device Startup Vital View Technologies Closes $4.6 Million Funding Round

Author: Melanie Lux

40 Under 40 2023 0242ray Ray Fraser, CEO of VitalView and Notre Dame alumnus

Vital View Technologies, Inc., a medical IoT company and University of Notre Dame startup, has announced it has successfully closed a $4.6 million fundraising round. Leading the seed extension round were Pier 70 Ventures and the Notre Dame Pit Road Fund, with participation from Red Rock Equity Group and Elevate Ventures.

Based on technology developed by Thomas Pratt, a Notre Dame research professor in electrical engineering, Vital View’s patented digital health platform provides in-home and in-hospital remote, contactless monitoring that enables healthcare providers and patients to make health decisions based on data from wireless, touchless, vital sign monitoring technology. The novel system, which detects change in total body fluids, aims to provide a greater understanding of a person’s health in near real time, thus facilitating the timeliest delivery of healthcare services and avoiding unnecessary hospitalizations.

With chronic health conditions like congestive heart failure on the rise around the world and medical resources stretched thin, research universities like Notre Dame that are guided by society’s needs are uniquely positioned to bring forth solutions like Vital View, said Kelley Rich, Notre Dame’s interim vice president and associate provost for innovation.

“We are extremely proud of Dr. Pratt and his research team who spend every day working to solve the world’s most pressing and complex problems,” said Rich. “Thanks to his lab’s advances in remote sensor and wireless communications technology, Notre Dame is now the launchpad for Vital View which has the potential to positively impact global health in a smart, easy to use way. This digital platform removes the complexity of monitoring patients’ vital signs at home and in the hospital, thus facilitating proactive care that leads to better patient care and more effective use of resources.”

Vital View’s co-founder and CEO is Ray Fraser, an MBA graduate of the Notre Dame Mendoza College of Business. While serving as an entrepreneur-in-residence at the IDEA Center, he was so impressed with Pratt’s research that he assembled a team consisting of Rick Snyder, M.D., Chris Rauh and Cassandra Adams to take Vital View to the next level. The team quickly raised an initial seed round of $1.6 million in 2021 and fundraising on the seed extension round began in fall 2022.

“Our goal was to raise enough capital to advance our program toward FDA 510(k) submission,” said Fraser. “Given the challenging economy, we are excited to announce that we actually exceeded our initial goal, reaching $4.6 million. This is thanks to an amazing core group of investors who recognize Vital View’s contactless sensor platform for congestive heart failure as having the potential to be a true healthcare disruptor.”

Shaun Hawkins, managing partner at Pier 70 Ventures, directs the firm’s INpact Fund, which looks for investment opportunities in impact-driven healthcare innovations in often overlooked areas such as the Midwest, Southeast and Southwest. While Pier 70 has multiple investments in West and East Coast startups, the firm’s investment in Vital View is the fund’s third made in an Indiana company and first for a Notre Dame startup.

“When I was introduced to Vital View in 2022, I was intrigued by their non-contact, non-invasive way of monitoring those with congestive heart failure at home—it’s just so easy for patients and caregivers to use,” said Hawkins. “The potential impact on patient care due to near real-time monitoring and intervention is significant and fills an unmet need, particularly in underserved communities that don’t always have physical access to their doctors.”

“We were very thorough in our due diligence before deciding to lead the round, and I give much credit to Ray Fraser, who is a compelling CEO and infectious leader. He has set a great vision for the team, and Pier 70 is excited to be part of Vital View’s journey.”

About Vital View Technologies, Inc.
Headquartered in South Bend, Indiana, Vital View Technologies (VVT) is a Medical IoT company developing break-through sensor based connected solutions that produces new actionable insights to solve real-world challenges. Their CHF monitoring platform features a proprietary non-contact, noninvasive at-home medical monitor that tracks total body fluid change over time. This provides early, actionable data to clinicians inform patient care plans and prevent costly hospitalizations. Learn more.

About Pier 70 Ventures

Pier 70 Ventures is a United States-based venture capital firm investing in impact-driven innovation. The firm's debut fund is the Pier 70 INpact Fund. Looking for brilliance beyond the usual places, Pier 70 Ventures finds and funds technologies with the potential to disrupt the future of healthcare. We invest in talented entrepreneurs pushing humanity forward with innovation. We VENTURE BOLDLY by empowering bright, enthusiastic leaders with capital, mentorship, and access to our global networks. Learn more.

About the University of Notre Dame's IDEA Center
Standing for Innovation, De-Risking and Enterprise Acceleration, the IDEA Center is the fundamental resource for all commercialization and entrepreneurial activities at the University of Notre Dame. It provides the necessary space, services and expertise for idea development, commercialization, business formation, prototyping, entrepreneurial education and student entrepreneurial efforts. It is designed to bring the best Notre Dame faculty, staff and student ideas and innovations to market. Learn more about the center here.