StemRad Ltd. announced Sunday that it has raised $6 million in a Series C investment round led by investor Jeff Vinik, who is the owner and chairman of National Hockey League team Tampa Bay Lightning.
StemRad develops a radiation-blocking vest for first responders, military personnel and civilians at risk of nuclear and radiological exposure. The company also develops protective vests for astronauts on deep-space missions.
Oren Milstein, StemRad’s founder and CEO, said in a statement that the company will use the funding to expand sales and marketing efforts, as well as its manufacturing capabilities in the U.S. StemRad recently opened a U.S. subsidiary in Tampa, Florida.
StemRad said the money will also be used to advance the company’s research and development efforts, which are focused on lightweight vest designed to protect radiologists from X-Ray exposure.