# Magnolia Medical Technologies

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/magnolia-medical-technologies

- Industry: Medical Devices & Equipment
- Headquarters: Seattle, US
- Website: www.magnolia-medical.com
- Total disclosed funding: $47M
- Latest round: Series C (Dec 18, 2018)
- Investors on record: 5

## About

Magnolia Medical Technologies, Inc. is a US-based company focused on advancing diagnostic solutions that improve sepsis testing accuracy and reduce blood culture contamination through innovative devices.Magnolia Medical Technologies, Inc. specializes in the development of diagnostic tools for sepsis testing. Founded in 2006 and headquartered in Seattle, US, the company has raised a total of USD 46.00 mn across multiple funding rounds, with the latest round being a Venture Debt of USD 10.00 mn from Horizon Technology Finance in October 2022. The CEO and founder, Greg Bullington, has been instrumental in guiding the company since its inception, building on his expertise in the healthcare space.Magnolia Medical Technologies specializes in innovative diagnostic solutions aimed at enhancing the accuracy of sepsis testing and reducing blood culture contamination. Their flagship product, the Steripath® Initial Specimen Diversion Device® (ISDD®), is FDA-cleared and designed to minimize contamination during blood culture collections, with clinical studies demonstrating significant reductions in contamination rates—reportedly between 83% and 88%—when used in both peripheral venipuncture and intravenous line starts. The company also offers the Steripath Micro for pediatric patients, expanding its application across diverse patient demographics. Magnolia Medical serves a wide client base that includes hospitals and healthcare systems across the United States, aiming to improve patient outcomes through enhanced diagnostic accuracy.Magnolia Medical Technologies operates on a B2B model, primarily engaging with hospitals and healthcare systems that seek to improve their diagnostic processes and patient care standards. The company generates revenue through the sale of proprietary devices, including the Steripath® ISDD®, and associated educational resources for healthcare professionals. Transactions typically occur through direct sales with healthcare providers, ensuring integration into hospital supply chains for frontline medical staff. Specific pricing details for products are not disclosed, underscoring the company's commitment to supporting healthcare providers in achieving diagnostic excellence and reducing unnecessary treatment costs associated with false-positive blood culture results.In October 2022, Magnolia Medical Technologies raised USD 10.00 mn in venture debt funding, which will support the company's strategic initiatives. The firm is focused on launching upcoming products aimed at further enhancing sepsis testing capabilities. Additionally, Magnolia Medical plans to expand its reach into new markets and geographic regions, targeting hospitals and healthcare systems that face challenges related to sepsis misdiagnosis. The upcoming initiatives are expected to position the company for growth in both existing and new markets.

## Funding rounds

- Series C, Dec 18, 2018, $20M — SightLine Partners, RTW Investments, Evidity Health Capital, HealthQuest Capital
- Series B, Apr 4, 2017, $7.3M — Evidity Health Capital
- Series B, Jul 13, 2016, $14M — HealthQuest Capital
- Series A, May 19, 2015, $6.2M — Rhapsody Venture Partners

## Investors

- Rhapsody Venture Partners (https://capitalatlas.ai/funds/rhapsody-venture-partners) — Series A
- HealthQuest Capital (https://capitalatlas.ai/funds/healthquest-capital) — Series B, Series C
- Evidity Health Capital (https://capitalatlas.ai/funds/evidity-health-capital) — Series B, Series C
- SightLine Partners — Series C
- RTW Investments (https://capitalatlas.ai/funds/rtw-investments) — Series C