Planatome, a Phoenix, AZ-based medical device company, raised $5M Series A equity investment round and secured an additional $1M convertible venture debt commitment.
The backers were not disclosed.
The company intends to use the funds to hire commercial talent for its products, expand manufacturing capacity, and create new business lines by deploying its proprietary polishing technology to a variety of surgical cutting instruments.
Led by Tim Tobin, chief executive officer, Planatome has developed patented surface modification technology based on chemical mechanical planarization, a process used to planarize silicon wafers in advanced chip manufacturing. When applied in the medical field, this improves the surface smoothness of surgical blades by a factor of 1,000 or more. These blades have proven to be a low-trauma, high-precision surgical tool.
The blades have approval for use in the United States and South Korea and have recently been approved for use by several hospitals and surgicenters.
The company will actively leverage its technology for other medical device applications, including surgical scissors, laparoscopic tools, and robotic end effectors. Planatome’s technology can also be adapted and applied to a number of industries with a wide range of products that could benefit from having an atomically smooth surface.
Planatome, a Phoenix, AZ-based medical device company, raised $5M Series A equity investment round and secured an additional $1M convertible venture debt commitment. Best wishes to everyone in the group. This will be a huge accomplishment for them in the future.
Shishir Gupta, The Founder & CEO of StartupLanes
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