Medical device company BioCircuit Technologies has raised $9 million to commercialize and develop its nerve repair and therapy devices, according to a Sept. 27 news release.
Michael Masters of Atlanta-based Masters Capital Management LLC, Atlanta-based GRA Venture Fund LLC and Massachusetts-based Alsora Capital LLC, along with existing shareholders, participated in the round.
The recent investment brings funding for the company to at least $20.5 million. The company has received over $7 million in funding from National Institute of Health grants and over $13.5 million in private financing, according to the release.
BioCircuit is an early-stage medical device company that focuses on devices that control and repair peripheral nerve activity. The global nerve repair and regeneration market the company addresses had an estimated worth of $6.6 billion in 2021 and is expected to reach $12.5 billion by 2028, according to industry research firm Insight Partners.
In July, the company received clearance from the U.S. Food and Drug Administration for its nerve repair device, Nerve Tape. The product was developed in partnership with the Orthopedic Microsurgery Laboratory at Virginia Commonwealth University.
Last year, the company received a $1.7 million grant from the NIH to develop a rehabilitation system for spinal cord injuries and other disorders. The grant was shared with partnering laboratories at the Medical University of South Carolina and the National Center for Adaptive Neurotechnologies.
Medical device startups in Atlanta have received several recent investments. Neurofenix raised $7 million earlier this month to expand U.S. operations. Last month, Endoluxe Inc. raised $1 million to expand research and development and ramp up hiring.
Originally a subsidiary of biotechnology company Axion Biosystems, BioCircuit launched as an independent company in 2019. It was founded by scientific advisor Jack Griffis, Axion Biosystems Chief Technology Officer Jim Ross, BioCircuit Chairman Tom O'Brien and BioCircuit Chief Technology Officer Isaac Clements.
The company is led by CEO Michelle Jarrard. In addition to leading BioCircuit, Jarrard sits on the board of directors for Inspire Brands, Lazard, Crawford & Co. and Gimme, according to her LinkedIn. She was previously a senior partner at McKinsey & Co. and a managing director for the GRA Fund.
