Genesis Innovation Group‘s Cultivate(MD) Capital Fund II said that it has invested in Embody, a startup that has developed a collagen-based microfiber implant designed for use in Achilles’ and rotator cuff repairs.
Embody (Norfolk, Va.) based its Tapestry implant on research on collagen-accelerating recellularization by growing new aligned tissue over surgical repairs. The company previously received $12.1 million in DARPA funding and a research and development contract that has funded product development. Cultivate(MD) is the leader in the new $3.6M raise that is earmarked for pre-launch and pre-commercial activities for Tapestry.
“Embody technology is built on an incredible body of research and development which utilizes powerful manufacturing technology to produce soft-tissue augmentation products that provide optimal characteristics for growth of tissue,” said Genesis Innovation Group CEO Rob Ball in a prepared statement. “They’ve developed a truly unique platform that will deliver product innovation for years to come.”
“We were very impressed by (Emody CEO Jeff Conroy) and his team throughout the diligence process. They provided significant histology and testing data, vetted regulatory pathways and had performed extensive research on intellectual property matters,” added Matt Ahearn, Genesis’ VP of finance and operations. “They’ve made tremendous progress on their manufacturing capabilities which provide capacity to support Embody’s first 36 months of commercial activity.”
Embody said it expects future studies will be conducted on scarring and the speed of post-operative rehabilitation. Ball will join Embody’s board of directors.