ABM Respiratory Care's $20M Is a Credit Commitment, Not an Equity Round

ABM Respiratory Care has lined up $20M in growth capital from Trinity Capital, a commitment the medical-device maker says will support commercial expansion, a stronger global presence, product innovation, clinical research and connected respiratory technology.

The financing, announced October 20, 2026, comes through Trinity Capital's private-credit business and its dedicated Healthcare & Life Sciences practice. Rob Lake, a senior managing director in that practice, represents the lender on the deal.

Terms beyond the headline number were not disclosed. Interest rates, maturity, draw conditions and other financing terms are absent from the announcements, which describe a commitment rather than a schedule of cash received. That distinction matters because ABM has a separate equity history: in June 2025 it closed a $14.8M Series B led by chairman Peter Soderberg, managing partner of Worthy Venture Resources, with Bluwave Capital and other investors participating. That round also backed BiWaze Clear commercialization, U.S. sales, research and digital-health capabilities. Adding the two headline amounts would blur an equity close and a capital commitment into a single misleading total.

The company sells airway-clearance equipment built around two distinct mechanisms. BiWaze Clear provides oscillating lung expansion therapy, combining pressure, air pulses and aerosol delivery to help mobilize secretions, with an integrated battery, a touchscreen and stored therapy profiles. BiWaze Cough provides mechanical insufflation-exsufflation for people whose cough is ineffective, applying positive air pressure followed by negative pressure, with separate pathways for inhaled and exhaled air. ABM describes both systems as FDA-cleared; the FDA record for BiWaze Clear, K260604, independently lists a substantially-equivalent decision dated August 24, 2026.

The shared BiWaze name does not make the therapies interchangeable, and that shapes the commercial problem. Hospitals and home-care organizations evaluating respiratory equipment need to understand which mechanism fits a given patient, along with settings, support and documentation. ABM's Respiratory Care Institute offers clinicians product education, documentation and webinars, putting that explanatory work inside the business of selling the hardware. The company also describes Arc Connect as supporting patient engagement, therapy tracking and care-team visibility into equipment use — stated capabilities and development aims rather than evidence from this financing of improved clinical outcomes.

ABM's footprint includes U.S. operations in Eagan, Minnesota, along with Singapore and Bengaluru. The new releases do not name the next markets to enter or quantify current geographic sales, leaving commercial expansion as a plan with several possible routes rather than an announced country-by-country rollout. CEO Greg Miller and founder and CTO Vinay Joshi lead the company; Joshi's prior respiratory-product work at GE Healthcare and Hill-Rom, and Miller's financial and operating leadership in healthcare and industrial businesses, give the expansion plan two different kinds of experience.