Artelon, a medical device company headquartered in Marietta, announced Wednesday it has raised a $20 million Series B investment that will allow the company to grow its product line for surgical treatment of ankles and other joints.
This funding round was led by Vensana Capital, a firm that invests in medical technology companies. Artelon did not disclose the company’s valuation after this $20 million investment, nor how much funding it has raised since its founding in 2014.
Artelon has developed a bio-textile used to repair and reconstruct soft tissues, primarily for ankle procedures. It also sells kit systems that include the full set of tools and implants required for an operation with the material. All its products have been approved by the Food and Drug Administration, Smith told The Atlanta Journal-Constitution.
Artelon raised this funding at a time when investors are holding tight to their checkbooks. So far in 2023, investments in U.S. companies have dropped by around 50% compared to this time last year, an analysis of Crunchbase data shows.
The 35-employee company plans to use the money for clinical research, expanding its surgical product line and other commercial growth. Artelon is moving into a 20,000-square foot facility in Sandy Springs this fall, according to the Atlanta Business Chronicle.
This is not the first time the company is moving. It was founded in Nashville but relocated to Atlanta in 2017.
“Atlanta offers a talented local workforce with expertise in medical technology, a reasonable cost of living and of business operations, ease of travel and distribution, and access to world-class research institutions,” Smith said.
For decades, Georgia has targeted bioscience companies for expansion, leveraging its research universities and the public health infrastructure of the Centers for Disease Control and Prevention.
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