Startup Funding News for the Day – Medtech Sector

These are a few US-based startups that raised funding today:

1.     Blacksmith Medicines Raises Seed Funding.

Blacksmith Medicines

Blacksmith Medicines is a biotechnology company that creates novel medicines for immuno-oncology and inflammatory diseases by targeting human metalloenzymes. Its metalloenzyme platform is a unique drug discovery engine that has been built to target the largest and most diverse group of enzymes in the human genome.

Funding raised: Blacksmith Raised an undisclosed amount in its seed funding round.

Investors: The funding round was led by Eli Lilly and Company (Lilly). Existing investors include Evotec A.G., MP Healthcare Partners, MagnaSci Ventures and Alexandria Venture Investments.

What the CEO has to say: “We are excited to launch Blacksmith Medicines with our investors and enter this research collaboration with Lilly, who collectively share our commitment to advancing novel chemistry approaches to create new medicines for patients in need. With the creation of Blacksmith, we are now able to expand our metalloenzyme platform into other therapeutic areas outside of anti-infectives, deepening our expertise and creating increased value for our shareholders, strategic partners and patients. We look forward to broadening the reach of our technology as we focus our efforts on identifying novel targets for immuno-oncology and inflammatory diseases,” said Zachary Zimmerman, Ph.D., CEO and co-founder of Blacksmith medicines.

2.     SpyGlass Ophthalmics Raises US$ 27.5M in Series B

SpyGlass Ophthalmics

Founded in 2019, SpyGlass Ophthalmics is a privately-held ophthalmic therapeutics company. It develops ophthalmic devices intended to improve vision and eye care of patients. Spyglass’ devices are used in cataract, lens replacement, surgery and other chronic ophthalmic diseases. It aims to provide patients with quality eye treatment at an affordable cost.

Founders: Glenn Sussman and Malik Kahook

Funding raised: SpyGlass Ophthalmics secured US$ 27.5 million in Series B financing.

Investors: The funding round was led by Vensana Capital and existing investor New Enterprise Associates.

What the funding is for: The funds will be utilized to further advance the development efforts of the company’s platform technology that has the potential to address several unmet needs across a range of chronic ophthalmic diseases.

What the founders have to say: “Combining the strengths of NEA and Vensana will allow us to further accelerate our efforts from the R&D phase towards clinical studies in areas that are currently underserved in the global ophthalmic market.” said Glenn Sussman, CEO and Co-Founder of SpyGlass Ophthalmics.

We believe our approach represents a paradigm shift in the treatment of eye diseases with significant advantages compared to currently commercialized therapies”, said Dr. Malik Y. Kahook, MD, Co-Founder and President of SpyGlass Ophthalmics.

What the investors have to say: “We are extremely impressed with the progress SpyGlass Ophthalmics has achieved since it was spun out of the University of Colorado. We believe our technology represents an innovative advancement in how clinicians can treat chronic ophthalmic diseases and look forward to our continued partnership with the company,” said NEA General Partner Dr. Ali Behbahani.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.



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