FitBionic Closes $2.2 Million in Bridge Funding with KMG Capital Partners, High Country Venture, and CID4
BOULDER, Colo., August 8, 2013-- FitBionic has 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). The investment was developed in support of the global launch of FitBionic’s currently available first product, the FitBionic Foot, and as a bridge to the company’s Series A financing, which is expected in 2014.
Eythor Bender, FitBionic CEO, commented, “FitBionic is the first prosthetics company to focus on amputee wellness and on providing medical devices for the growing diabetic population. Since joining this team four months ago, I’ve been moved by the funding communities’ excitement about an emerging company offering affordable bionics. 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 U.S. bionics development.”
Mats Wahlstrom, CEO of KMG, added, “FitBionic’s management team are leaders in the prosthetics industry. I believe their patient-outcomes centered technologies and services will make a significant difference in the lives of amputees.”
“High Country Venture believes that FitBionic will be more than just a good investment—it’s prepared to offer a new, holistic paradigm of prosthetic care for diabetics and other amputees,” said Mark Lupa, High Country Venture partner.
Through this investment, partners Kerry Hicks and Javier Vergne-Morell of KMG, Mark Lupa, and Kevin M. Smith, President and CEO 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.
FitBionic is a consumer-centered prosthetics company with a first-in-industry focus on cultivating healthy lifestyles for amputees. Founded in Boulder, Colorado, the company combines designers, technologists, and entrepreneurs from leading bionics and prosthetics companies. Development of the FitBionic Foot was supported by a $1.2 million grant from the National Institutes of Health, and the foot has garnered multiple design awards and national recognition.
About KMG Capital Partners
KMG Capital Partners is a Colorado-based investment company whose partners have spent their careers in senior positions at various health care companies.
About High Country Venture
High Country Venture is a venture capital firm located in Boulder, Colorado, that invests in early-stage companies with scalable, innovative technologies. It focuses on the life sciences, including medical devices, biotechnology, and diagnostics.
Founded in 2009, the Colorado Institute for Drug, Device and Diagnostic Development (CID4) is a 501(c)(3) not-for-profit charitable organization whose mission is to advance the Colorado bioscience ecosystem through company creation and job growth.
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