Upside Biotechnologies, an Auckland, New Zealand-based regenerative medicine startup, raised NZ$2.3m in its Series A funding round.
The round was led by ICE Angels nominees, which represent investment from both ICE Angels individuals and Tuhua Ventures, with participation from The University of Auckland Inventors Fund (managed by Auckland UniServices), Cure Kids Ventures and New Zealand Venture Investment Fund.
The company intends to use the funds to complete development of the product, demonstrate proof of concept, ready the product for its first human trial and in the United States, forge additional collaborations and explore market opportunities.
Led by CEO Robert Feldman, Upside is developing a skin replacement treatment for patients suffering major burns. The company’s technology enables a small sample of unburnt patient skin to be grown in the laboratory into large areas of full thickness skin. This skin can be used as skin grafts in patients with major burns who do not have enough uninjured skin to provide conventional skin grafts.
The company has been spun out of the University of Auckland where the innovative technology was first developed in Professor Rod Dunbar’s laboratory.