Latest investment from Idinvest Partners and InnovAllianz to support technological development and enable the opening a manufacturing facility in Massachusetts
BIOMODEX, a medical device company that uses 3D printing technology to develop patient-specific synthetic organs for pre-operative planning, today announced it has received an additional $15 million in Series A funding led by European investment firms Idinvest Partners and InnovAllianz. With the participation of pre-existing investors, LBO France and Inserm Transfert Initiative, BIOMODEX’s total financing is now more the $18.5 million.
The latest financing will be used to develop new products in the interventional cardiology space, and enable the opening of a new manufacturing facility outside Boston, Massachusetts.
“We are proud to support BIOMODEX in the development of a completely innovative solution to improve efficacy and individualize the preparation of complex surgical operations,” said Julien Martinez, head of Strategy, M&A and Innovation at Allianz France. “As an insurer, we believe that the value BIOMODEX brings will ultimately bring a new paradigm between people insureds, surgeons and hospitals, the Medtech industry and insurance companies.”
“We have been immediately impressed by the innovation and execution capability of BIOMODEX team. This new funding will open new perspectives for BIOMODEX products and access to new key markets,” said Luc Maruenda, Partner at Idinvest.
BIOMODEX’s patented INVIVOTECH technology enables the 3D printing of organs based on medical imaging, such as a CT Scan or Echo. By combining the precision and speed of 3D printing with INVIVOTECH, BIOMODEX is able to produce the biomechanics of the organ and surrounding tissue, mimicking the patient-specific biomechanical properties and behavior with a quick turnaround time.
To date, the solution has been used primarily for interventional neuroradiology applications, but according to CEO Thomas Marchand, there is tremendous demand in the cariological space as well.
“Our personalized, 3D-printed organs will enable surgeons to gain a better understanding of their patient’s unique anatomy – so they will be able to plan the most complex procedures in an optimal way. Whether it’s involves a brain aneurism or structural heart defect – our solutions will help surgeons choose the best medical device and operating strategy to reduce risks and improve medical and financial outcomes,” said Thomas Marchand, CEO of BIOMODEX.
“Since our initial investment in 2016, BIOMODEX has progressed significantly in both the technological development of its INVIVOTECH technology and the understanding of the ecosystem of surgeons, Medtech industry players and health payers. BIOMODEX represents today a key investment of the SISA fund, as evidenced by the very good conditions of this round of financing,” said Valery Huot, Partner and Head of Venture at LBO France.
BIOMODEX is an innovative company based in Paris in Boston that is developing a solution to help physicians predict what will be the best treatment for their patients. Their 3d printed organ twins from medical imaging will offer a unique planning and practicing experience to reduce risk and improve patient outcomes.
About Idinvest Partners
With almost €8 billion under management, Idinvest Partners is a leading pan-European private equity firm focused on the mid-market segment.
Idinvest Partners has developed several complementary areas of expertise including: investment in innovative European start-ups ; mid-market direct lending (unitranche, senior loans and junior financing); primary and secondary investments in unlisted European companies, and private equity consulting.
Founded under the AGF Private Equity in 1997, Idinvest Partners was formerly part of Allianz until 2010 when it became an independent firm.
Allianz, one of the world’s leading insurance companies, offers a comprehensive offering that covers all the insurance, assistance and financial services needs of individuals, professionals, businesses and communities. With nearly 140,000 employees worldwide, Allianz is present in more than 70 countries, serving 88 million customers.
A general insurer, specialist in wealth and social protection, Allianz France draws on the wealth of its expertise and the dynamism of its 9,000 employees in France. Nearly 7,000 commercial intermediaries, Agents, Consultants, Brokers, Partners advise and support 5.5 million customers who trust Allianz France.
About LBO France:
As a key player in private equity with €3.4bn of capital under management, LBO France is an independent company that has been supporting French and Italian companies in their growth for more than 30 years. Its strategy is based on 4 investment approaches in non-listed assets, managed by dedicated teams: (I) Mid Cap Buyout through the White Knight funds and Small Cap Buyout through the Hexagone/Small Caps Opportunities funds, (II) Venture Capital through the Digital Health funds, (III) Real Estate through the White Stone and Lapillus funds, (iv) Debt. LBO France is 100%-owned by its management and employs nearly 60 professionals.
About Inserm Transfert Initiative (ITI)
Inserm Transfert Initiative (ITI) is a French investment firm based in Paris, dedicated to investing in early-stage life sciences companies which develop breakthrough innovations from French academia.