Jellagen, a Cardiff, Wales, UK-based marine biotechnology company, received £3.8m in funding.
The round was led by Newable Private Investing, the Development Bank of Wales, and angel investors.
The company intends to use the funds to accelerate sales of its jellyfish-based medicine whilst growing its specialist management team and strengthening its intellectual property portfolio.
Founded in 2013 by Professor Andrew Mearns Spragg, CEO, Jellagen is a commercial manufacturer of jellyfish collagen, which is a a substance that can be used for wound care and regenerative medicine.
The first range of products developed by the firm are cell culture reagents, which are used to grow stem cells. The firm also plans to produce medical devices engineered around jellyfish collagen.