The Electrospinning Company gets £650,000 to boost US expansion
The Electrospinning Company has secured £650,000 in funding from a series of investors including the Rainbow Seed Fund.
The firm, based in York, also drew support from a series of UK Angel investors including Angels 5K, LBA, Minerva, Wroxall, Angels in MedCity and OION.
Established in 2010 as a spin-out of the UK Science and Technology Facilities Council, the firm will use the funding to invest in production capacity, business development and to grow its presence in the US.
Ann Kramer, CEO of The Electrospinning Company, commented: “We have made significant progress over the past year and, thanks to the support of angel and venture networks, are well-positioned to grow as the use of novel materials in medical devices increases.”
The company’s expertise lies in being able to design, develop and manufacture materials for use in regenerative devices and in 3D cell culture products.
Drummond Paris, one of the new investors and incoming chairman, said: “Over and above commercial success for The Electrospinning Company, the bottom line is that our products are improving patient outcomes and improving people’s lives – feedback from patients and surgeons has been very good so far. I am very pleased to have joined the company at such an exciting time”.
The firm has raised $1.23m to date.