The Electrospinning Company a leader in the development and manufacture of nanofibrous biomaterials for use in tissue regenerative devices, has completed a £4.5 million fundraising round, led by US materials science company Confluent Medical Technologies Inc. New investor Intuitive Investments Group plc (IIG) also participated, alongside existing investors Downing Ventures, the Science and Technology Facilities Council and individual business angels. The proceeds of the fundraising round will be used to enhance the company’s capability and capacity through semi-automation, enhanced materials processing and quality systems.
Confluent is a specialist in the application of materials science to implantable products such as valves, grafts and catheters in various organs. The investment provides a partnership opportunity for the two companies – for example, Electrospinning’s proprietary electrospinning process could be expected to expand design options in the structural heart market and fully automate the process of attaching biomedical textiles to heart valve frames. Confluent’s CEO and President Dean Schauer is joining Electrospinning’s Board as a result of the strategic investment.
With its specialist electrospinning technology platform, Electrospinning operates a Contract development and manufacturing business model, generating revenues and IP to further strengthen its proprietary approach. It has a range of customers in different therapeutic areas across the world, including one which uses Electrospinning’s materials in its FDA-approved device. The company’s revenues are growing rapidly year-on-year.
Ann Kramer, CEO of Electrospinning, said, “This fundraising round, our largest to date, will be used to drive growth by expanding our capability to deliver medical devices and device components to our customers at the right quality and cost. Electrospinning would like to welcome Confluent as a strategic investor and to its Board, where we look forward to working with CEO and President Dean Schauer. We’d also like to welcome Intuitive Investments Group plc, and thank it and our existing investors for their support.”
“The investment in Electrospinning reinforces Confluent’s strategy of Applying Materials Science to MedTech Innovation,” said Dean Schauer, CEO and President of Confluent. “This partnership creates an opportunity for our two companies to facilitate further expansion of innovative structural heart products on behalf of our customers.”