Zürich-based ZuriMED Technologies, a biotechnology company, announced that it has raised CHf 14.5m (€15m) in a Series A round of funding.
The round was led by Chindex Medical Limited, and was joined by Yellowstone Holding AG and a group of private investors, including prominent orthopaedic surgeons from Switzerland, France, Germany and the U.S.
ZuriMED says that it plans to use the funds to accelerate the advancement and widespread acceptance of its Surgical-Fiberlock technology. This innovative solution is specifically designed for minimally invasive surgical repair of soft tissues.
The funding will also help ZuriMED obtain regulatory approval for its initial product, which focuses on repairing shoulder rotator cuff injuries. The company says it has set its sights on entering the surgical device markets in the U.S. and Europe over the next three years.