3D BioFibR – a leading innovator in biomaterials for tissue engineering – recently announced it has raised over $3.52 million in seed financing. This financing will expand 3D BioFibR’s facilities to include a climate-controlled biomanufacturing cleanroom and bring its premium collagen fiber products to market.
Invest Nova Scotia led the funding round with matching investment from Build Ventures and with investment from returning investors Concrete Ventures and Globalive Capital.
The Government of Canada – through the Atlantic Canada Opportunities Agency (ACOA) – is supporting the project through a repayable $528,920 contribution to help create a new wet lab and cell culture facility. And the funding is being provided through ACOA’s Regional Economic Growth through Innovation (REGI) program. Plus, 3D BioFibR is receiving advisory services and research and development funding of up to $391,949 from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP) supporting the development of its automated collagen fiber manufacturing system.
3D BioFibR’s fully automated and proprietary dry spinning process is the only process producing high-quality, diameter-controlled collagen fibers at commercial scale. The tissue engineering market is valued at $26B and is growing at 35% compound annual growth.
KEY QUOTES:
“We are grateful for this investment as it accelerates our plan to meet the increasing demand from tissue engineers for a premium 3D collagen scaffold that optimizes cell growth. Our goal is to make it incredibly easy for researchers to grow their cells in environments that actually resemble human tissues.”
— Kevin Sullivan, CEO of 3D BioFibR
“We see great market potential for 3D BioFibR’s premium collagen products for use in 3D cell culture and tissue engineering applications. We are excited by the speed and skill with which they are building out their manufacturing capabilities.”
— Patrick Keefe, general partner of Build Ventures
