Friday August 9, 2013 0 commentsBOULDER - FitBionic has completed a $2.2 million funding round with a team led by KMG Capital Partners and High Country Ventures and the Colorado Institute for Drug, Device and Diagnostic Development (CID4), the company announced.
The investment was developed in support of the global launch of FitBionic's first product, the FitBionic Foot, and as a bridge to the company's Series A financing expected in 2014.
"FitBionic is the first prosthetics company to focus on amputee wellness and on providing medical devices for the growing diabetic population," said Eythor Bender, FitBionic CEO.
"We look forward to benefiting from KMG's expertise in health care development and High Country Ventures focus on life science technologies. CID4, in particular, supports our goal of making Colorado a hub of U.S. bionics development."
As a result of the investment, KMG partners Kerry Hicks and Javier Vergne-Morell, Mark Lupa, and Kevin M. Smith, CID4 president and CEO, will join FitBionic's board of directors. FitBionic's founder and executive management will retain significant equity interest in the company as well as board representation by Bender and Jerome Rifkin, FitBionic founder and CTO.
For more information, visit www.fitbionic.com.