More than $1 million in seed funding has been invested in local doctor-led startup for work on a medical device.
Fulmer Instruments LLC, has raised $1.115 million, according to the Form D documents.
Headed by CEO Benjamin Fulmer, a Birmingham-based neurosurgeon who has been practicing for 21 years, the company is developing two medical devices which are modifications on existing devices.
Fulmer said the company had a smaller raise around three years ago, and the company is now trying to ramp up to the final prototype for their first device. Then, the company will submit the device to the FDA for 510(K) clearance. The company also has two patents related to ubiquitous devices that are currently used in surgery.
The company has three founding members, five board members and local investment interest.
Fulmer said the seed round funding came from people in Birmingham with some dollars coming from out of state. The funds will go toward finishing research and development and pursuing the 510(K) approval. Fulmer said the company will not pursue a Series A for now.
As Fulmer continues to ramp up growth, he does plan to keep the project and company Alabama centric.
"We just are very excited about it. It's potentially a high-volume production-type entity. I grew up in Mobile; still have a lot of friends and Mobile and Fairhope,” Fulmer said. “I really want it to be Alabama centric. I really want to try to do as much of it as we can in the state, including possibly some contract manufacturing in Birmingham or Huntsville. I want it to be an Alabama pursuit.”
