COLUMBUS, Ohio, Dec. 7, 2017 /PRNewswire/ -- ParaGen Technologies, the parent company of four disruptive medical device companies, closed $4.1 million in seed funding. Columbus-based Ikove Venture Partners led and organized the round.
ParaGen leverages a platform scaffold technology that is proven to promote healing in a variety of applications and boasts more than a decade of development, with over $5 million in grant funding. Each portfolio company (RenovoDerm, Atreon Orthopedics, Vascular Genesis and Tarian Medical) tailors this material to build a product line for its respective clinical market, giving ParaGen investors the opportunity to capitalize on multiple clinical verticals.
ParaGen portfolio companies are building product lines for the wound care, orthopedic, peripheral vascular, and hernia markets respectively. Each company has access to manufacturing space, regulatory and development expertise and a strong intellectual property portfolio with over 33 patent filings.
"This funding provides validation to the ParaGen model, commercializing a platform technology through multiple clinical verticals," said Ross Kayuha, CEO of ParaGen. "We have a lot of momentum right now and are looking forward to hitting significant milestones with this capital."
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.
"This seed stage round emphasizes the expansive Ikove network, with funding sources coming from more than ten countries across the globe," said Flavio Lobato, Managing Partner of Ikove Venture Partners and Chairman of The Board at ParaGen. "A seed raise of this magnitude is not only impactful to ParaGen, but the startup ecosystem in the MidWest."
Ikove works directly with inventors to vet their technologies and assess commercialization potential. Over the last three years, Ikove has successfully launched ten technology companies and created over $100M in equity value through its Startup Nursery, which focuses on nurturing and growing concepts into companies.
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.
MEDIA CONTACT: Heather Phillips
Ikove Venture Partners
SOURCE ParaGen Technologies
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