3D BioFibR, a number one biomaterials for tissue engineering firm, has raised over $3.52M in seed financing. The financing might be used to increase 3D BioFibR’s amenities to incorporate a climate-controlled biomanufacturing cleanroom and convey its premium collagen fiber merchandise to market.
“We’re grateful for this funding because it accelerates our plan to fulfill the rising demand from tissue engineers for a premium 3D collagen scaffold that optimizes cell development,” mentioned Kevin Sullivan, CEO of 3D BioFibR. “Our objective is to make it extremely straightforward for researchers to develop their cells in environments that truly resemble human tissues.”
This financing spherical was led by Make investments Nova Scotia, with matching funding from Construct Ventures and extra funding from returning traders Concrete Ventures and Globalive Capital.
The Authorities of Canada, by means of the Atlantic Canada Alternatives Company (ACOA), is supporting the mission by means of a repayable $528,920 contribution to assist create a brand new moist lab and cell tradition facility. The funding is being supplied by means of ACOA’s Regional Financial Progress by means of Innovation (REGI) program. Along with this, 3D BioFibR is receiving advisory companies and analysis and growth funding of as much as $391,949 from the Nationwide Analysis Council of Canada Industrial Analysis Help Program (NRC IRAP) – supporting the event of its automated collagen fiber manufacturing system.
“We see nice market potential for 3D BioFibR’s premium collagen merchandise to be used in 3D cell tradition and tissue engineering purposes,” mentioned Patrick Keefe, normal accomplice of Construct Ventures. “We’re excited by the velocity and ability with which they’re constructing out their manufacturing capabilities.”
3D BioFibR’s absolutely automated and proprietary dry spinning course of is the one course of that produces high-quality, diameter-controlled collagen fibers at business scale. In response to the corporate, the tissue engineering market is valued at $26B and is rising at 35% compound annual development.
“3D BioFibR’s best-in-class collagen fibers have the potential to make them a dominant participant within the mobile scaffolds section of the tissue engineering market,” mentioned Dr. Lidija Marusic, interim vice chairman of funding at Make investments Nova Scotia. “We’re happy to proceed to again the staff behind such a novel platform know-how with many future purposes.”
“3D BioFibR is constructing a fame for using cutting-edge innovation to make spectacular biomedical advances,” mentioned Andy Fillmore, Parliamentary Secretary to the Minister of Innovation, Science, and Trade, and Member of Parliament for Halifax, on behalf of the Honourable Ginette Petitpas Taylor, Minister of Official Languages and Minister liable for ACOA. “The Authorities of Canada is dedicated to serving to Atlantic entrepreneurs like 3D BioFibR scale up as a result of when native companies succeed, they create jobs and options that profit all Canadians.”