Maximum Fidelity Surgical Simulations (MaxFi), a provider of lifelike cadavers for use in surgical simulations, has completed its initial seed funding round, raising $2.25 million to build a tech center in the St. Louis area.
The round was led by investors St. Louis Arch Angels, BioGenerator Ventures and Missouri Technology Corp., according to a Tuesday release.
MaxFi has a patented profusion system through which simulation cadavers bleed, breathe and handle like live patients. It's targeting its technology for use in surgical simulations for medical education, research and product development, and military training.
Officials said the new capital will be used to build a medical device development and surgical simulation center in the St. Louis area. The new center, to feature state-of-the-art labs, meeting spaces and lecture rooms, will be the only one worldwide to feature lifelike cadavers enabling clients to experience "the most realistic surgical scenarios," officials said in the release.
The new simulation center will be in the Westport area, but the lease hasn't been secured yet, CEO Bob Mills said through a spokesperson. The buildout will cost "way over $1 million," and the company hopes to have it up and operating by Jan. 1.
MaxFi is now based in Columbia, Missouri, but will be relocating to St. Louis, Mills said. The company currently has six employees, with plans to add 20 in the next 12 months, of whom 12-15 will be based in St. Louis.
The new funding will also allow the hiring of additional full-time employees, the development and launch of new technology, and expansion to new markets, officials said.
MaxFi's investors are enabling the company to meet increasing demand for its simulations and scale its operations, Mills said in a statement. “Most importantly, they are supporting our efforts to make discoveries that save lives and move the practice of medicine forward," he stated.
“The completion of this seed funding round is a significant milestone that validates our efforts and vision and marks a crucial step toward commercialization,” Dr. Joss Fernandez, who founded maxFi in 2014, said in a statement. “We believe we have developed a viable, sustainable and accurate solution to meet the pressing need for realistic training for physicians, military personnel and medical device developers.”
“The learning experiences MaxFi provides that empower medical professionals to optimize patient outcomes and inventors to innovate safely and efficiently drove our decision to invest,” Brian Kinman, president of St. Louis Arch Angels, said in a statement. “We are confident MaxFi will grow into a substantial business that will advance St. Louis’ reputation as a leader in healthcare.”
BioGenerator invested in MaxFi "because we believe their unique surgical simulation services have demonstrated strong market demand, bolstered by a proven leadership team and a clearly articulated operational plan,” BioGenerator Managing Director Crystal Winkeler said.
Missouri Technology Corp., a public-private partnership, said it closed an investment in MaxFi from its IDEA Fund through its Seed Capital Program.
“MTC is committed to supporting early-stage high-growth potential companies with equity-based funding through our state-sponsored venture capital program in alignment with our mission of catalyzing innovation and entrepreneurship for an economic development impact in Missouri," MTC Executive Director Jack Scatizzi said in a statement.
