Zürich-based ZuriMED Technologies, a biotechnology company, announced that it has raised €15m in a Series A round of funding.
The round was led by Chindex Medical Limited and was joined by Yellowstone Holding AG and a group of private investors, including prominent orthopedic surgeons from Switzerland, France, Germany, and the U.S.
ZuriMED says that it plans to use the funds to accelerate the advancement and widespread acceptance of its Surgical-Fiberlock technology.
This innovative solution is specifically designed for minimally invasive surgical repair of soft tissues.
The funding will also help ZuriMED obtain regulatory approval for its initial product, which focuses on repairing shoulder rotator cuff injuries.
The company says it has set its sights on entering the surgical device markets in the U.S. and Europe over the next three years.
ZuriMED was founded in 2015 as a spin-off of the Institute for Biomechanics at ETH Zurich. The board of directors at ZuriMED includes Prof. Dr. Jess Snedeker as the president and Dr. Med. Dominique Tschudi as the vice president.
ZuriMED reached a major accomplishment in 2020 by finalizing a global medical device company licensing agreement.
This partnership enabled ZuriMED to license its advanced endo-cortical fixation technologies specifically designed for soft tissue repair.
ZuriMED is also developing BTB-Conversion Technology, a new anterior cruciate ligament (ACL) reconstruction method.
The new surgical technique aims to transform a less painful hamstring autograft, the patient’s tissue, or any other flexible graft, into a graft exhibiting high-performance characteristics similar to a BTB graft.
Read more on Tech Gist Africa:
Zurich-based ANYbotics gets $50M in Series B Funding