FitBionic completed a $2.2 million funding round with a team led by KMG Capital Partners, with High Country Venture and the Colorado Institute for Drug, Device and Diagnostic Development (CID4).
According to a press release, the investment was developed in support of the global launch of the FitBionic Foot and as a bridge to the company’s Series A financing, which is expected in 2014. Through the investment, partners Kerry Hicks and Javier Vergne-Morell of KMG, Mark Lupa and Kevin M. Smith, president and chief executive officer of CID4, will join FitBionic’s board of directors. FitBionic’s founder and executive management will retain significant equity interests in the company, as well as board representation by Eythor Bender and Jerome Rifkin, FitBionic founder and chief technology officer.
“Since joining this team four months ago, I’ve been moved by the funding communities’ excitement about an emerging company offering affordable bionics,” Eythor Bender, chief executive officer of FitBionic, stated in the release. “We look forward to benefiting from KMG’s expertise in health care development and High Country Venture’s focus on life science technologies. CID4 in particular supports our goal of making Colorado a hub of US bionics development.”