Biomodex adds $15m to Series A
Early stage medtech firm Biomodex said today it added $15 million to its Series A funding round, bringing the total raised to $18.5 million to support its patient-specific 3D-printed synthetic organ platform designed for pre-operative planning.
The round was led by European investment firms Idinvest and InnovAllianz and joined by existing investors LBO France and Inserm Transfert Initiative, the Paris and Boston-based company said.
“We are proud to support Biomodex in the development of a completely innovative solution to improve efficacy and individualize the preparation of complex surgical operations. As an insurer, we believe that the value Biomodex brings will ultimately bring a new paradigm between people insureds, surgeons and hospitals, the Medtech industry and insurance companies,” Allianz France strategy, M&A and innovation head Julien Martinez said in a press release.
“Since our initial investment in 2016, Biomodex has progressed significantly in both the technological development of its Invivotech technology and the understanding of the ecosystem of surgeons, Medtech industry players and health payers. Biomodex represents today a key investment of the SISA fund, as evidenced by the very good conditions of this round of financing,” LBO France venture head and partner Valery Huot said in a prepared release.
Funds from the round will help support the development of new products for the interventional cardiology space as well as the opening of a new manufacturing facility outside Boston.
Biomodex uses patented Invivotech technology for the 3D printing of organs based on medical imaging, through computed tomography scans or echocardiograms. The system is intended to reproduce the biomechanics of the organ and surrounding tissue, mimicking the patient-specific biomechanical properties and behaviours of the organ.
The company’s technology has been used primarily for interventional neuroradiology, but Biomodex is hopeful to make waves in the cardiological space as well.
“Our personalized, 3D-printed organs will enable surgeons to gain a better understanding of their patient’s unique anatomy – so they will be able to plan the most complex procedures in an optimal way. Whether it involves a brain aneurysm or structural heart defect – our solutions will help surgeons choose the best medical device and operating strategy to reduce risks and improve medical and financial outcomes,” Biomodex CEO Thomas Marchand said in prepared remarks.