France-based synthetic organ producer Biomodex raised €12m ($15m) on Tuesday in a series A round that included InnovAllianz, a corporate venturing vehicle for insurance group Allianz.
Private equity firm Idinvest Partners led the round, which also featured private equity firm LBO France and Inserm Transfert Initative, the early-stage investment fund run by the French state-owned National Institute of Health and Medical Research.
Biomodex has developed a 3D printing platform called Invivotech that uses medical images from scanners and echographies as the basis for creating a synthetic organ that boasts real-life biomechanical characteristics.
The organs are used by surgeons to prepare medical procedures, reducing both the amount of required x-ray scans and time spent in the operating theatre. The funding will support product development, the opening of a local facility in the US and an expansion into additional markets.
Innovation Capital had led a $3.6m seed round for Biomodex in 2016 that also featured Inserm Transfert Initiative, Kima Ventures and, according to the latest press release, Allianz.