WaveClear Raises Funding for Development of CaviClear Ultrasound-Generated Cavitation System

October 13, 2020—WaveClear, Inc., a medical device start-up developing therapeutic ultrasound technologies to treat vascular diseases, announced the closing of funding that will be used to further develop the company’s CaviClear endovascular system, a minimally invasive ultrasound-generated cavitation device for a broad range of endovascular applications.

The company will be seeking FDA approval for an initial indication of treating peripheral arterial diseases, with possible additional indications sought for deep vein thrombectomy and peripheral vascular thrombectomy. The $1.125-million Series A investment round was led by Hunniwell Lake Ventures (HLV), a Palo Alto, California–based medical device venture capital firm. HLV is joined in this investment by Ben Franklin Technology Partners, a technology development program of the Commonwealth of Pennsylvania.

WaveClear, which is located in Erie, Pennsylvania, was founded by Chief Executive Officer Jeffrey Vaitekunas, PhD. Dr. Vaitekunas commented in the company’s press release, “We identified that ultrasonic energy can safely disintegrate blood clots in a single-session treatment without damaging the blood vessel. We believe we can save lives and limbs and greatly improve patient outcomes, particularly for chronic clot conditions.”