August 8, 2013
ECOSURG® Obtains Additional Investment
(Memphis, TN) ECOSURG®, the manufacturer of environmentally friendly surgical devices, announced today that it has received an additional round of investment via a partnership from Memphis-based venture capital firms MB Venture Partners and Innova Memphis. Financial terms of the deal were undisclosed. This marks the third round of capital infusion for the Company after prior seed rounds of $50,000 and $100,000 in TNInvestco funding last year.
Jan Bouten of Innova Memphis shared, “The Company has made tremendous commercial progress over the past year and is building a strong intellectual property portfolio. We are very excited about the future of ECOSURG.”
With the additional funding, ECOSURG recently completed moving its operations from their former location in Hernando, Mississippi to a 10,000 square foot facility in Memphis, expanded its locally based team via key hiring, and has undertaken several other projects necessary to sustain exponential growth in its national distribution and sales networks. Ray Randall, Chief Executive Officer said, “We truly appreciate the continued support of our investors as we scale to meet customer demand and bring our operations home to Memphis. Throughout our development, both firms have been ideal partners and true advocates for our vision.”
Since participating in the inaugural class of the ZeroTo510 Medical Device Accelerator in 2012, the Company has completed FDA Establishment Registration and Medical Device Listings, undertaken product line expansion, and steadily grown its customer base to become the leader in eco-friendly surgical devices.
Gary Stevenson of MB Venture Partners stated, “We were happy to continue our productive relationship with ECOSURG. They have gained significant traction with their customer base, and we see compelling value in the Company’s future growth.”
ECOSURG® is a developer of environmentally-friendly surgical devices and is dedicated to reducing the carbon footprint of the surgical suite. The Company’s flagship line of patents pending ECOSURG® Patient Positioners are manufactured regionally in the Mid-South using a proprietary soy-based foam alternative. The utilization of these renewable raw materials in production yields a significant reduction in environmental impact in comparison to the traditional standard of care.
Innova Memphis is an early-stage investor based in Memphis, TN. Our mission is to enable and create high- growth, Tennessee-based companies and jobs in the healthcare and technology fields by providing seed capital and experienced hands-on mentorship and leadership.
MB Venture Partners is a Memphis-based venture capital firm that provides capital and strategic direction to life sciences start-ups. The firm invests in medical device and biotechnology companies at all stages. Since inception in 2001, the firm has invested in 40 start-ups.
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