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Movano (MOVE) Secures Strategic Investment from Multi-Billion Dollar Medical Device Company

April 2, 2024 5:00 PM EDT

Movano Health (Nasdaq: MOVE), a pioneer in health technology, secured a strategic investment from a tier-one multi-billion dollar medical device company and signed an agreement to explore future collaborations relating to development and commercialization.

"Attracting strategic investment underscores the vast potential of Movano Health's innovative approach to delivering medical-grade data to both consumers and enterprises. This is a significant endorsement of our technological expertise and our vision to set new standards in the possibilities of what wearable health technology can do," said John Mastrototaro, CEO of Movano Health. "Our prestigious partner is keenly interested in the potential of our proprietary mmWave radio frequency (RF) technology, which demonstrated strong clinical accuracy in a cuffless blood pressure study late last year."

"This investment, in conjunction with a larger capital raise announced today, ensures we have the financial strength to push forward with our proprietary technologies and commercial offerings, including the Evie Ring, as well as the planned introduction of Evie Med, our business-to-business solution which will leverage future FDA clearances and serve a greenfield opportunity across healthcare," concluded Mastrototaro.

Message from CEO
The Company posted a video from CEO John Mastrototaro announcing the news, which can be viewed here.

Capital Raise
The Company issued a separate release today about a private equity placement. A tier-one multi-billion dollar medical device company, requesting confidentiality for competitive reasons, invested $3 million as part of a larger $24 million capital raise. The PIPE included a select cohort of institutional and accredited investors, and $3.6 million in commitments by members of the Company's management team and board of directors. The proceeds are expected to fund general corporate purposes and working capital.



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