Two MN Med-Tech Start-ups Raise Combined $12.1M
Two local med-tech start-up companies, Plymouth-based Rotation Medical and Minnetonka-based Dgimed Ortho, Inc., separately announced that they have secured financing.
Rotation Medical-which is developing products for the repair of soft tissue in the shoulder and is a spinoff of local incubator Denali Medical-raised $10 million, according to documents filed Thursday with the U.S. Securities and Exchange Commission (SEC).
The company, which was founded in 2006 and has historically been tight-lipped about its work, plans to raise an additional $5 million. Last year, the company raised $4.4 million.
In other start-up news, Dgimed Ortho secured $2.1 million in financing, according to SEC documents filed Wednesday.
The med-tech company was founded in 2008 and manufactures and sells an intramedullary nail system that assists surgeons in femoral and tibia repairs. The nail system received regulatory approval last May.
The company plans to raise a total of $2.5 million during this round of funding.