Silk Therapeutics, Inc., a Medford, Mass.-based specialty biomaterials company, closed an $11m Series A3 financing.
The round was led by Jeff Vinik, the former manager of Fidelity’s Magellan Fund and owner of the Tampa Bay Lightning, and legacy investor, the Kraft Group, along with support from additional existing investors Roy P. Disney, Lear Corporation, and Altman Health Investments.
The company intends to use the funds to continue to expand its development efforts.
Led by Greg Altman, Chief Executive Officer, and Rebecca Lacouture, Chief Operating Officer, Silk Therapeutics provides clean and EWG VERIFIED™ skincare collections that feature pure, liquid silk as an active ingredient. After receiving five patent approvals in 2016, the company worked to build-out its new natural chemistry platform, which propelled the development of liquid silk at mass scale.
After testing, Silk Therapeutics discovered use cases in fabric whereby liquid silk infused into the surface layer offers multiple benefits for the performance apparel industry.