COLUMBUS, OH, ParaGen Technologies, the parent company of four disruptive medical device companies, closed a $3 million bridge funding round.
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Ikove Venture Partners managed and organized the round through its global network of investors, with 70 percent of the funds coming from 10 different countries.
ParaGen developed a platform scaffold technology that redefines tissue engineering and addresses problems associated with biologic and synthetic implants. Its four portfolio companies -- RenovoDerm, Atreon Orthopedics, Vascular Genesis and Tarian Medical -- are building product lines for wound care, orthopedic, peripheral vascular and hernia markets respectively, allowing investors to capitalize on a variety of different verticals.
The funding will be used to commercialize RenovoDerm's proprietary product The Phoenix Wound MatrixTM, pre-testing for FDA clearance of Tarian Medical's Tarian AbS, as well as beginning the final round of animal testing for Vascular Genesis' vascular access graft product.
"With this latest round of funding, we are able to continue our momentum of scaling out our portfolio companies and hitting significant milestones," said Ross Kayuha, CEO of ParaGen. "The continued support and confidence of our investors is outstanding and is indicative of the company's growth in the medical device industry."
ParaGen Technologies is a joint venture between Nanofiber Solutions, which developed the core technology, and the Ikove Startup Nursery, which provided the funding and go-to-market strategy. In mid-2019, ParaGen and Ikove plan to raise the company's first Series A round.
"We're funding new, innovative technologies through our Startup Nursery that have the ability to change our everyday lives," said Flavio Lobato, managing partner of Ikove Venture Partners and board chairman at ParaGen. "As our portfolio companies continue to scale and grow, we're committed to supporting our Nursery graduates and closing the commercialization gap for these high-impact technologies."
About ParaGen Technologies
ParaGen Technologies is the parent of a family of companies focused on diverse clinical areas including wound care, orthopedics, peripheral vascular and hernia repair. ParaGen aims to redefine tissue engineering by addressing the problems associated with synthetic and biologic implants while incorporating their advantages. The company is utilizing synthetic nanofiber scaffolds that promote healing by mimicking the physical structures found naturally in the body. This technology is tailored to meet the needs of specific clinical verticals.
About Ikove Venture Partners
Ikove is a venture development company founded to pursue early-stage investments with emphasis on technology commercialization in the Midwest. Through its proprietary Startup Nursery, in partnership with multiple U.S. research institutions, Ikove identifies and validates developing high-impact technologies, providing capital and commercialization resources to bridge the gap between R&D and VC-funded rounds. To date, Ikove has successfully launched 10 technology companies and created over $100 million in equity value.