While most of medtech is still busy talking oxygen saturation like it’s 2004, Hemanext quietly secured $21.7 million in fresh funding and added a cool $18.9 million in a Series B-3 round with a $172M post-money valuation. That’s not luck, that’s architecture, brick by brick, backed by science, and executed with a clarity that would make a neurosurgeon blush. For those keeping score, we’re now looking at over $179 million raised, NIH grants included.
Founded in 2008 by Martin Cannon, a Bain alum with Oxford brains and a deep bench of healthcare wins, Hemanext started as an NIH-backed science project. Seventeen years later, it’s a commercially viable medical device manufacturer making global moves from Lexington, MA, and manufacturing out of Avon, MA.
The baton now sits firmly in the hands of Andrew Dunham, PhD, who stepped in as CEO in September 2023 after 14 years of R&D leadership at Baxter. Translation? The guy knows how to build medical-grade systems, and he doesn’t need a whiteboard to show you how. With Eric Newman holding the CFO reins and Dr. Laurel Omert driving clinical integrity as CMO, the bench is deep and built for endurance.
And let’s talk about the play: HEMANEXT ONE is a device that processes and stores red blood cells in low-oxygen hypoxic environments. What sounds like a niche tweak is actually a fundamental shift, less oxidative damage, more metabolite preservation, longer shelf life. Forty-two days at 1-6°C. That’s not just an upgrade; it’s a reset on how blood is stored, transported, and used. And it’s the first system to check every box from FDA De Novo authorization to CE Mark certification, to earning AABB SCoPE Program designation.
Clinical trials are active across Norway, Sweden, Italy, and Switzerland, with early adoption already underway in Europe. Commercial orders have landed, real-world safety data from Norway is clean, and the company is moving into the GCC via the UAE like it’s chess, not checkers.
The market they’re playing in? $12.3B by 2033, with transfusion diagnostics clocking in at $8.79B by 2034. That’s not a sandbox. That’s a war room. And Hemanext is one of the few building artillery instead of apps.
This round? A nod from both new investors and returning believers from Series B-2. Which tells you one thing: the thesis is holding. And now, with Joe Grogan, Phil Pead, and Geoff Crouse joining Steve Eckert, Dr. Ismail Kola, and Dr. Paul M. Ness on the board, you’ve got policy muscle, healthtech brains, and commercial scale in the same room. The signal here isn’t subtle.
This isn’t just about raising capital. It’s about redefining what stored blood can be. So congrats to Andrew Dunham, Eric Newman, Laurel Omert, and the Hemanext team. The next move is yours.
