Pratt spinoff company, Bioptigen, Lands $1.3 million in First-Round Funding
DURHAM, N.C. Â– Business is coming more into focus for Bioptigen, an optical start up company founded by biomedical engineering Professor Joseph Izatt at Duke's Pratt School of Engineering.
The Durham-based startup, which has licensed technology from Duke University, has closed on $1.3 million in financing.
Investors include two angel networks Â– Piedmont Angel Network and the Inception Micro-Angel Fund Â– as well as several individuals.
Bioptigen is developing a new class of optical imaging systems for biomedical applications that can see inside the body. Its technology enables real-time non-invasive imaging of internal tissue at a microstructure level.
The company believes the imaging systems will assist in drug development, genetics research and tissue engineering. The technology was developed in the lab of Professor Joseph Izatt at Duke, The company was launched in 2004.
"We are exhilarated to have completed our first funding round with the support of the North Carolina angel investor community," said Bioptigen Chief Executive Officer Eric Buckland. "Over the past year, funded largely by (federal small business) Phase I SBIR grants, we developed our first generation products and delivered beta units to our lead customers. These dollars will enhance our business development activity, allow us to grow our team and expand our market reach.
We will leverage this investment to accelerate commercialization of the highest performance imaging systems with the flexibility and functionality desired by the biomedical research community, he added.
Tom Sloan, who works with the Piedmont Angel Network, joins the Bioptigen board as part of the investment. Sloan has experience in the optics industry.