ivWatch said today that it closed a $14.8 million financing round to support the company’s direct go-to-market initiatives and strategic partners activities.

Undisclosed angel investors, family funds and a major hospital system invested in the round, according to the company.

“The support ivWatch has seen from our investors and partners has been incredible. They are committed to seeing our technology, research, science and team make a true impact on the problems related to peripheral IV failure,” president & CEO Gary Warren said in prepared remarks. “The momentum we are finding in the market is exciting, as healthcare providers see the benefits of improved patient safety and reduced risks associated with IV therapy.”

ivWatch is developing technology that continuously monitors an IV site and assesses if drugs are being delivered to the patient’s vein without leakage. The company’s ivWatch Model 400 is FDA-cleared to continuously monitor a patient’s peripheral IV to detect infiltration and exravasation events.

“ivWatch represents the entrepreneurial progress of our region,” John Lawson, president & CEO of W.M. Jordan Company and chairman at ivWatch,  said. “The scientific, financial and business acumen of those involved with the company, from investors, board members and advisors to the employees, is remarkable. Every day, the team moves one step closer to helping resolve the infiltration issue within our healthcare system.”