BIOMODEX, a medical device company that uses 3D printing technology to develop patient-specific synthetic organs for pre-operative planning, announced it has received an additional $15 million in Series A funding led by European investment firms Idinvest Partners and InnovAllianz. With the participation of pre-existing investors, LBO France and Inserm Transfert Initiative, BIOMODEX’s total financing is now more the $18.5 million.
The latest financing will be used to develop new products in the interventional cardiology space, and enable the opening of a new manufacturing facility outside Boston, Massachusetts.
"We are proud to support BIOMODEX in the development of a completely innovative solution to improve efficacy and individualize the preparation of complex surgical operations,” said Julien Martinez, head of Strategy, M&A and Innovation at Allianz France. “As an insurer, we believe that the value BIOMODEX brings will ultimately bring a new paradigm between people insureds, surgeons and hospitals, the Medtech industry and insurance companies.”
“We have been immediately impressed by the innovation and execution capability of BIOMODEX team. This new funding will open new perspectives for BIOMODEX products and access to new key markets,” said Luc Maruenda, Partner at Idinvest.
BIOMODEX’s patented INVIVOTECH technology enables the 3D printing of organs based on medical imaging, such as a CT Scan or Echo. By combining the precision and speed of 3D printing with INVIVOTECH, BIOMODEX is able to produce the biomechanics of the organ and surrounding tissue, mimicking the patient-specific biomechanical properties and behavior with a quick turnaround time.
To date, the solution has been used primarily for interventional neuroradiology applications, but according to CEO Thomas Marchand, there is tremendous demand in the cariological space as well.
“Our personalized, 3D-printed organs will enable surgeons to gain a better understanding of their patient’s unique anatomy - so they will be able to plan the most complex procedures in an optimal way. Whether it’s involves a brain aneurism or structural heart defect – our solutions will help surgeons choose the best medical device and operating strategy to reduce risks and improve medical and financial outcomes,” said Thomas Marchand, CEO of BIOMODEX.
“Since our initial investment in 2016, BIOMODEX has progressed significantly in both the technological development of its INVIVOTECH technology and the understanding of the ecosystem of surgeons, Medtech industry players and health payers. BIOMODEX represents today a key investment of the SISA fund, as evidenced by the very good conditions of this round of financing,” said Valery Huot, Partner and Head of Venture at LBO France.