Inogen rounds up $22 million in funding
SANTA BARBARA, Calif. - A group of investors gave $22 million to Inogen last week, saying the manufacturer of portable oxygen concentrators is "at the forefront of a paradigm shift in home oxygen therapy." Inogen will use the funds to support new manufacturing capabilities and to expand into international markets.
Inogen's latest round of funding was led by two first-time investors in the manufacturer, Denmark-based Novo A/S and Michigan-based Arboretum Ventures. Existing investors Versant Ventures, Avalon Ventures and Accuitive Medical Ventures also pitched in.
Inogen officials said this latest round of funding allows the manufacturer to capitalize on the increased adoption rates of portable oxygen concentrators and recent changes to Medicare reimbursement.
"(It) reflects our investors' confidence in our approach to meeting the needs of a rapidly expanding COPD market," said Kathy Odell, Inogen's CEO. "As COPD prevalence escalates, Inogen will further expand its leadership in meeting the needs of patients and the clinical community."
The oxygen therapy market is growing more than 10% annually in the United States, according to Inogen.