Hemanext Valuation, Funding & Investors
Hemanext is valued at $172M as of August 2025.
Last Hemanext valuation
$172M
Series C · Aug 2025
Last Hemanext funding round
$20M
Series C · Aug 2025
Cumulative funding Hemanext raised
$140M
across 8 funding rounds
About Hemanext
Hemanext is a Marlborough-headquartered medical device company advancing red blood cell processing and storage technology. Its Hemanext ONE system supersaturates blood with oxygen to extend shelf life and improve transfusion efficacy. The platform supports trauma centers and surgical facilities in enhancing patient recovery rates.
Founded
2004
HQ
Lexington, KYWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$172M (Aug 2025)
Hemanext Valuation
Hemanext is currently valued at $172M, based on its Series C in August 2025.
Hemanext's valuation has moved from $172M at its Series B in November 2022 to $172M in August 2025, across 6 priced rounds.
Hemanext valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2025 | Series C | $172M |
| Jul 2025 | Series B | $172M |
| Jan 2025 | Series B | $135M |
| Jan 2024 | Series A | $172M |
| Feb 2023 | Series A | $172M |
| Nov 2022 | Series B | $172M |
Hemanext Funding History
Hemanext has raised a total of $140M across 8 funding rounds.
Hemanext's first fundraising round was a $3M seed round in October 2017. The most recent completed round was a $20M Series C in August 2025.
Hemanext funding rounds
| Date | Stage | Raised | Valuation | Deal Summary |
|---|---|---|---|---|
| Aug 2025 | Series C | $20M | $172M | Hemanext Inc. develops innovative blood processing, storage, and transfusion technology, focusing on the Hemanext ONE system that protects red blood cell (RBC) quality, functionality, and viability during storage through hypoxic conditions. The company targets improvements in transfusion care with a consumable model requiring no upfront capital, easy workflow integration, and better reimbursement economics. In July 2025, Hemanext closed its Series B-3 equity financing round, raising $18.9 million at a post-money valuation of $172 million or $0.275 per share. Investors included new participants and repeats from the prior Series B-2 round. The B-3 proceeds support commercial and clinical objectives ahead of a planned Series C, including expanding early access deployments in U.S. hospitals and blood centers, generating real-world transfusion data, accelerating adoption via reimbursement pathways, and establishing recurring sales from early adopters. This follows the Series B-2 round completed in October 2024, which raised over $20 million at a pre-money valuation of $115 million to fund commercial goals through June 2025, such as U.S. and EU pricing post-June 2025 and projecting over $10 million in 2026 sales from H2 2025 implementations. CEO Andrew Dunham highlighted the capital's role in building commercial and clinical evidence for substantial 2026 revenue. Hemanext, founded in 2008, has raised over $176 million across multiple rounds, with prior efforts like Series A in 2021 yielding $15 million (potentially up to $30 million). The company prepares for broader U.S. and EU launches, leveraging FDA investigational use and ongoing trials like one in Norway evaluating Hemanext ONE efficacy. Chairman Steve Eckert emphasized the technology's potential to reshape the transfusion landscape amid strong investor confidence. |
| Jul 2025 | Series B | $22M | $172M | Hemanext Inc. is a Lexington, MA-based medical technology company specializing in blood processing, storage, and transfusion innovations, particularly hypoxic storage of red blood cells (RBCs) to improve quality, functionality, and viability during storage. The company's Hemanext ONE device enables a consumable model with no upfront capital investment, simple workflow integration, and improved reimbursement economics for blood centers and hospitals. On July 22, 2025, Hemanext closed its Series B-3 equity financing round, raising $18.9 million at a post-money valuation of $172 million, or $0.275 per share. The round attracted new investors alongside repeat participants from the prior Series B-2 round, which had raised over $20 million at a $115 million pre-money valuation in October 2024. Proceeds from the B-3 round are earmarked for commercial and clinical objectives through Q1 2026, including expanding early access deployments in U.S. hospitals and blood centers, generating real-world transfusion data, accelerating customer adoption via reimbursement pathways, and establishing recurring sales from early adopters. Hemanext anticipates substantial revenue generation in 2026, projecting over $10 million in sales from customers implementing Hemanext ONE in the second half of 2025, supported by U.S. HCPCS reimbursement pricing and broader commercial launches in the US and EU post-June 2025. The financing positions the company ahead of a planned institutional Series C round. Since founding in 2008, Hemanext has raised over $100 million across multiple rounds, with total funding estimates varying between $130.9M and $220.3M across sources. The company's pure consumable business model aims to transform the transfusion landscape by enhancing patient outcomes and delivering value to providers and investors. Hemanext continues to build clinical evidence and commercial traction in a large healthcare market, with prior rounds like Series A raising $15 million and potential for additional investments. |
| Jan 2025 | Series B | $20M | $135M | Hemanext is a medical technology company based in Lexington, MA, specializing in innovations for blood processing, storage, and transfusion, particularly hypoxic red blood cell (RBC) storage using the Hemanext ONE system to improve RBC quality, safety, efficacy, and cost in transfusion therapy. The company has raised over $220 million in total funding since 2008, supported by grants from the U.S. National Institutes of Health and investments from family offices, private equity, and other entities. On January 27, 2025, Hemanext closed its Series B-3 equity financing round, raising $18.9 million at a post-money valuation of $172 million ($0.275 per share), with participation from new and existing investors including those from the prior B-2 round. This follows the Series B-2 round completed in October 2024, which raised over $20 million at a $115 million pre-money valuation. The B-3 funds aim to support commercial and clinical objectives ahead of a planned Series C, including producing hypoxic RBCs at Vitalant blood center, validating the Hemanext ONE system at a leading U.S. medical institution, expanding early access deployments, generating real-world transfusion data, accelerating adoption via reimbursement pathways, and establishing recurring sales. Hemanext is in early commercial phase, with the Hemanext ONE device available for investigational use in the U.S. and preparing for broader U.S. and EU launches post-June 2025, backed by HCPCS reimbursement pricing. Recent milestones include first patients treated in a Norwegian clinical trial and implementations projecting over $10 million in 2026 sales from H2 2025 customers. Leadership, including CEO Andrew Dunham and Chairman Steve Eckert, emphasizes the consumable model, workflow integration, and improved economics to transform transfusion care and drive revenue growth. |
| Jan 2024 | Series A | $5M | $172M | Hemanext Inc. develops the Hemanext ONE system, a blood processing, storage, and transfusion technology that produces hypoxic red blood cells (RBCs) to improve quality, functionality, and viability during storage. The company has begun producing hypoxic RBCs at Vitalant, a major U.S. nonprofit blood center, for use in a leading hospital, and initiated validation at a world-renowned U.S. medical institution. Hemanext is expanding early access deployments across U.S. hospitals and blood centers, generating real-world transfusion data, accelerating customer adoption via reimbursement pathways, and establishing recurring sales from early adopter partners. In its Series B-3 equity financing round closed around mid-2024, Hemanext raised $18.9 million at a post-money valuation of $172 million, or $0.275 per share. The round received support from new investors and repeat participants from the prior Series B-2 round. Funds will support commercial and clinical objectives ahead of a planned institutional Series C, including producing hypoxic RBCs, system validation, and early commercial expansion. Hemanext projects substantial revenue in 2026 from customers implementing Hemanext ONE in the second half of 2025, with more than $10 million in sales from this group alone. The company offers a consumable model with no upfront capital, simple workflow integration, and improved reimbursement economics. Prior Series B-2 round in October 2024 raised over $20 million at a pre-money valuation of $115 million. |
| Feb 2023 | Series A | $13M | $172M | - |
| Nov 2022 | Series B | $18M | $172M | - |
| Oct 2019 | Undisclosed stage | $40M | - | - |
| Oct 2017 | Seed | $3M | - | - |
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Start Free TrialHemanext Competitors
Hemanext competitors include listed companies like Laxmi Dental and Huons Co, and private ones like Alume Biosciences, Hengyu Medical, Global Fertility and INCOG BioPharma.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 India | Publicly listed | $28M | $4M | $114M | 3.4x | |
| San Diego, CA | Private | - | - | $173M | - | |
 South Korea | Publicly listed | $452M | $58M | $170M | - | |
 Tianjin | Private | - | - | $174M | - | |
 Dubai | Private | - | - | $175M | - | |
| United States | Private | - | - | $168M | - |
Hemanext Public Comps
Hemanext is still privately-owned, but its public comps include Huons Co, Quantum-Si, Medinice, Nyxoah, JETEMA Co., Humacyte, Paragon Care, AOTI, BICO Group and Bastide Le Confort Médical.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $452M | $58M | 0.6x | - | 4.6x | - | |||
| $2M | ($106M) | 25.1x | 40.6x | (0.6x) | (0.7x) | |||
| - | ($2M) | - | 5.5x | (100.7x) | 6.3x | |||
| $12M | ($97M) | 9.5x | 3.2x | (1.1x) | (1.4x) | |||
| $56M | $8M | 4.5x | - | 31.1x | - | |||
| $2M | ($25M) | 71.7x | 47.2x | (5.9x) | - | |||
| $2.6B | $61M | 0.2x | 0.2x | 6.9x | 5.9x | |||
| $67M | $8M | 2.9x | 2.7x | 25.6x | 27.5x | |||
This data is available for Pro users. Sign up to see all Hemanext competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Hemanext
| When was Hemanext founded? | Hemanext was founded in 2004. |
| Where is Hemanext headquartered? | Hemanext is headquartered in Lexington, KY, United States. |
| Is Hemanext publicly listed? | No, Hemanext is a private company. |
| What is Hemanext's valuation? | Hemanext was last valued at $172M in its Series C in August 2025. |
| How much funding has Hemanext raised? | Hemanext has raised $140M across 8 funding rounds. |
| What was Hemanext's last funding round? | Hemanext's last funding round was a $20M Series C in August 2025. |
| Which companies are comparable to Hemanext? | Companies comparable to Hemanext include Laxmi Dental, Alume Biosciences, Huons Co, Hengyu Medical, Global Fertility and INCOG BioPharma. |
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