US-based surgical equipment provider Planatome has closed its latest Series A funding round at $5m.
This news follows an additional commitment of $1m in convertible venture debt, bringing the total funds raised to $6m.
Planatome will use the funds to expand its commercial side of the business by hiring top-level commercial talent for its cutting-edge products while increasing manufacturing capacity. It will also create new business lines by deploying its proprietary polishing technology to a variety of surgical cutting instruments.
Speaking on the recent capital raised, Planatome’s CFO David Husband emphasised the role this funding would play in propelling the company’s market penetration efforts.
Husband said: “During the early Covid lockdowns, with virtually all surgical procedures cancelled or delayed, we utilised the time to further refine our blade design for the benefit of surgeons as well as patients. Now, with this investment in hand, great surgeon feedback and the healthcare industry back to normal, we are well prepared for rapid growth.”
Planatome CEO Tim Tobin said: “This is a pivotal stage in our company’s evolution as we expand Planatome’s reach and introduce additional highly refined products that will set new standards of patient care on a global basis and push the boundaries of what’s possible.”
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The company claims their data indicates that surgeons who use Planatome blades see less soft tissue damage at the incision, less closing resistance, cleaner margins, and fewer complications. They also claim their patients experience less inflammation, pain and faster recovery times.
Planatome’s surgical tools are currently approved for use in the US and South Korea.
On 10 October 2023, Planatome spun out from producer and repairer of semiconductors manufacturing equipment company Entrepix.