Fluid Biotech Inc., a Calgary, AB, Canada-based medical device startup, closed a $4.7m seed funding round.
The round was led by Metis Innovative of Miami and ShangBay Capital of Palo Alto, California, with participation from new investors UCeed Health Fund and UCeed Child Health and Wellness Fund from the University of Calgary, Thin Air Labs, Wharton Alumni Angels, Amino Capital, Bluesky Equities, ThresholdImpact and Alabaster Capital. In conjunction with the funding, Fluid added two new members to its board of directors. They included:
- Brian Sidman, co-founder and principal of METIS Innovative and a veteran of capital accrual for investment opportunities; and
- Dr. Chaucer Shen, managing partner of ShangBay Capital, who brings more than 20 years of industry experience working with international medical device companies.
The company intends to use the funds to engage contract manufacturers to initiate production, complete regulatory milestones, and plan for first-in-human implantation.
Led by Dr. John Wong, CEO, and Dr. Alim Mitha, President and CTO, Fluid Biotech is commercializing a hybrid polymer-metal flow-diverting brain stent to cure intracranial aneurysms. Constructed of bioabsorbable polymer and metal, this novel device provides a scaffold to allow better healing and visualization of blood vessels.