Prairie Village-based Artio Medical Inc., a medical device company, recently closed $28 million in oversubscribed Series A funding, it announced Thursday.
It has now raised a total of $74 million, according to a release. The money will be used to boost the commercialization of its products and develop its portfolio, including expanding Artio's manufacturing and engineering capacity.
“We have the opportunity to do something really special here, to bring a new generation of medical devices to market with the potential to save lives, reduce disability, and improve the quality of life for millions of people," said Joseph McConnell, vice president of finance and business operations at Artio. "This new capital will help Artio expand our team and scale our operations to deliver on that mission.”
In March, the company reached a major milestone by securing U.S. Food and Drug Administration approval for its Solus Gold Embolization Device, a next-generation product that can block or reduce blood flow in blood vessels.
As part of that achievement, Artio began building out a sales team, including regional sales managers, and filling other key roles such as head of HR, a CFO, engineers and clinical support specialists.
In March, the company employed 52 people with plans to reach about 100 by year's end. In 2023, the company could balloon to 200 people, and CEO Nick Franano said at the time he was hopeful it will secure regulatory clearances for four additional products. Fourteen products sit in its portfolio for peripheral vascular, neurovascular and cardiology uses.
Artio was the winner of the inaugural KC Inno Madness bracket challenge. It started out among 32 rising startup competitors and survived five rounds of voting.
