Medytox has participated in the seed-funding round of US startup LifeSprout, according to industry sources on Sept. 16.
Although the Korean company declined to confirm the specific amount that it has funded, a local news outlet reported that it invested around $1.5 million in this round.
The US company secured $6.5 million in total from investors, including Kairos Venture Partners, Triskelion Investments, Maryland Technology Development Corporation, Ginkgo Gofar, and AngelMD also join LifeSprout’s seed-funding round as a strategic investor.
“We saw potential in this startup and decided to take part in this round and invest. This is also a part of our goal to expand our presence in the global market,” a Medytox spokesperson told The Investor. The company added that it plans to make additional investments in global startups.
In 2015, LifeSprout was founded out of Johns Hopkins University. Currently, it mainly develops products for aesthetic and regenerative medicine. The company has Regenerative Matrix platform, which can support products that look and feel like the body’s tissues.
The seed funding money is expected to be used for further developing next-generation aesthetic filler Lumina, which is the company’s first product from the regenerative matrix platform.
By Song Seung-hyun (firstname.lastname@example.org)