Alafair Biosciences, an Austin-based medical device startup, announced Wednesday it has received $2 million in venture funding.
The latest funds will help Alafair Biosciences expand its sales and marketing efforts and help with product development. As part of the deal, ATP Fund managing partner and representative Kyle Cox has joined Alafair’s board.
“The UT Horizon Fund’s investment in Alafair is part of an amazing story, in which discoveries born in the lab at UT Austin have grown into a technology platform that is set to make a difference in the lives of people here in Texas and beyond,” Julie Goonewardene, Associate Vice Chancellor for innovation and strategic investment and Managing Director for the UT Horizon Fund, said in a news release.
Alafair recently announced it has received FDA clearance for its first product, VersaWrap Tendon Protector. It is used for the treatment of tendon injuries.
“The closing of our Series A funding round is a significant milestone for Alafair. This funding will support the launch of VersaWrap Tendon Protector and the development of our suite of VersaWrap products, developed to meet the needs of surgeons and their patients,” Daniel Peterson, MD, Alafair’s Chairman and CEO, said in a news release.
Alafair Biosciences has developed patented surgical products for a broad spectrum of soft tissue repair and protection applications. It will be launching its VersaWrap Tendon Protector directly and through partnerships with some of the world’s major medical device companies.