SUNNYVALE, Calif.– Sunnyvale-based HD Medical Inc. and Maxim Integrated Products, Inc. of San Jose announced that Maxim has made an $800,000 strategic investment in HD Medical, in the form of a convertible promissory note intended to convert into HD Medical’s next preferred equity round of financing.
The majority of Maxim’s investment will be dedicated to HD Medical’s new product development of its visual stethoscope technology utilizing a low power Maxim chipset for the advancement of digital health.
“With Maxim’s impressive investor confidence, HD Medical is well poised for future growth and investment,” said Arvind Thiagarajan, Founder & CEO of HD Medical, Inc. “This agreement will accelerate as well as enhance our new product development and position us to ramp our revenues.”
Thiagarajan is responsible for the securing several patents upon which HD Medical’s current and future products are based. Mr. Thiagarajan was given a special award from Member of Parliament for Science and Technology from the Government of India for his contributions to research and science and his work as part of HD Medical won the Socially Relevant Product (SRP) award in ITT Madras, according to the company’s website.
HD Medical develops the ViScope visual stethoscope product family.
“We are excited by the growth and vision we’ve seen from HD Medical’s team,” said Shailendra Mahajan, Managing Director of Maxim Ventures.
“We believe that the product roadmap directly corresponds with the healthcare professional’s needs and also opens up opportunities in tele-medicine and home healthcare markets. Our goal is to ensure both our companies significantly contribute to the advancement of digital health,” said Chris Neil, SVP of Maxim and Head of Maxim Ventures.