DURHAM, N.C. — Business is coming more into focus for Bioptigen.
The Durham-based startup, which has licensed technology from Duke University, has closed on $1.3 million in financing.
Investors include two angel networks — Piedmont Angel Network and the Inception Micro-Angel Fund — as well as several individuals.
Bioptigen is developing a new class of optical imaging systems for biomedical applications that can “see” inside the body. Its technology enables real-time non-invasive imaging of internal tissue at a microstructure level.
The company believes the imaging systems will assist in drug development, genetics research and tissue engineering. The technology was developed in the lab of Professor Joseph Izatt at Duke, The company was launched in 2004.
“We are exhilarated to have completed our first funding round with the support of the North Carolina angel investor community,” said Bioptigen Chief Executive Officer Eric Buckland. “Over the past year, funded largely by (federal small business) Phase I SBIR grants, we developed our first generation products and delivered beta units to our lead customers. These dollars will enhance our business development activity, allow us to grow our team and expand our market reach.
“We will leverage this investment to accelerate commercialization of the highest performance imaging systems with the flexibility and functionality desired by the biomedical research community,” he added.
Tom Sloan, who works with the Piedmont Angel Network, joins the Bioptigen board as part of the investment. Sloan has experience in the optics industry.
The investment in Bioptigen is the first for the Piedmont’s second fund.
“For our second fund, we looked at Bioptigen and they were a prefect fit,” said Troy Knauss, the interim fund executive at the Piedmont group. “In terms of their technology and commercial appeal, they aligned with the needs of our portfolio. We were very impressed with the team at Bioptigen, especially Eric. We believe that Bioptigen is well-positioned for strong growth in this emerging and rapidly expanding sector.”
Bioptigen was among the presenters at the Council for Entrepreneurial Development’s venture conference this spring.
The company is a spinout from the Biomedical Engineering Department in Duke’s Pratt School of Engineering.