Madison-based Imbed Biosciences, a biotech company making antimicrobial and antifungal bandages for soft tissue repairs, has closed a $4 million round of venture capital funding to commercialize its product.
The Series A round, announced Tuesday, included Wisconsin Investment and Strategic Capital Partners (WISC Partners), which also invested in the company’s seed round. Other investors were not identified.
Imbed Biosciences originally raised $2 million for this round in April, but says it expanded it to $4 million due to investor demand. To date, Imbed Biosciences has raised $11.5 million in a combination of VC and grants, according to Crunchbase.
Founded in 2010 by Ankit Agarwal and Nicholas Abbott, Imbed Biosciences is the maker of the FDA-cleared Microlyte Matrix wound dressing, which is used to manage chronic ulcers, burns and surgical wounds.
The bandage is made from bioresorbable polymers and a patented antimicrobial silver nanotechnology. It works by closely conforming to the underlying wound and killing bacteria hiding in deep wound tissue. Eventually, it is absorbed by the body, eliminating painful removal.
The startup, which employs 15 people, says the new funding will be used to commercialize its product.
Imbed’s investor WISC Partners, founded by Mike Splinter and David Guinther, recently raised $4 million for an investment fund. The firm specializes in funding early-stage Wisconsin companies.
