Nanovis, a spinal implant nanotechnology developer, has been backed by Elevate Purdue Foundry Fund, which joins existing investors including Apex One Equity Fund.
US-based spinal implant nanotechnology developer Nanovis raised $5.5m yesterday in a round backed by Elevate Purdue Foundry Fund, a vehicle managed by Purdue University and VC firm Elevate Ventures.
Elevate Ventures also supplied funding directly, investing alongside 1st Source Capital, the small business investment arm of financial services firm 1st Source Bank, as well as merchant bank Commenda Capital’s investment arm Commenda Securitie and Ellipsis Ventures.
Founded in 2006, Nanovis has devised a titanium scaffold called FortiCore with interconnected nanopores intended to support a better fit for spinal implants.
The scaffold’s nanofeatures can be customised and controlled to meet the patient’s needs, enabling scientists to encourage bone growth and avert complications.
The capital will help Nanovis ramp up its sales efforts as it copes with increased demand for its implants.
Nanovis had previously disclosed $4m in equity and options in regulatory filings, including $750,000 received from undisclosed investors in December…
