Australia-based dermatology technology developer Elastagen has closed a A$13m ($9.1m) series B round that included funding from AmorePacific Ventures, the corporate venturing fund owned by Korea-based beauty company AmorePacific.
The round also included Korea Investment Partners, Wellcome Trust, Brandon Capital Partners, GBS Ventures and ATP Innovations.
Elastagen is developing a tropoelastin platform that can be used for cosmetic surgery on atrophic scars like stretch marks and acne scars, as well as dermaesthetics and tissue repair. The funding will help advance its lead products through clinical testing.
The company raised A$5m in a 2008 series A round backed by Brandon Capital Partners and GBS Venture, and received A$2m from the state of New South Wales’ NSW Medical Device Fund in 2014.
AmorePacific Ventures was advised in the transaction by RM Global Partners.