ParaGen Technologies recently closed a $3 million bridge funding round. Ikove Venture Partners managed and organized the round through its network of investors. About 70% of the funds came from 10 different countries.
ParaGen has developed a platform scaffold technology that uses tissue engineering to address biologic and synthetic implants. Its four portfolio companies include RenovoDerm, Atreon Orthopedics, Vascular Genesis and Tarian Medical. Each company is making products for wound care, orthopedic, peripheral vascular and hernia markets.
“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.”
The bridge funding will go toward commercializing RenovoDerm’s The Phoenix Wound Matrix, pre-testing for FDA clearance of Tarian Medical’s Tarian AbS and a final round of animal testing for Vascular Genesis’s vascular access graft product.
“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.”