ParaGen Technologies said it raised more than $4 million for the regenerative scaffold its portfolio companies use for a variety of treatments.
Columbus, Ohio-based ParaGen said its four companies – RenovoDerm, Atreon Orthopedics, Vascular Genesis and Tarian Medical – tailor the scaffold material to product lines in the wound care, orthopedic, peripheral vascular and hernia markets, respectively.
Ikove Venture Partners led and organized the round, according to ParaGen, which is joint venture between the VC shop’s incubator and Nanofiber Solutions, which developed the core technology.
“This funding provides validation to the ParaGen model, commercializing a platform technology through multiple clinical verticals” ParaGen CEO Ross Kayuha said in prepared remarks. “We have a lot of momentum right now and are looking forward to hitting significant milestones with this capital.”
“This seed stage round emphasizes the expansive Ikove network, with funding sources coming from more than ten countries across the globe,” added chairman and Ikove managing partner Flavio Lobato. “A seed raise of this magnitude is not only impactful to ParaGen, but the startup ecosystem in the Midwest.”