Marietta-based medical device company Artelon announced Wednesday that it has raised a $20 million Series B investment that will allow it to expand its product line for surgical treatments for ankles and other joints.
The funding round was led by Vensana Capital, which invests in medical technology companies. Alteron did not disclose the company’s valuation after the $20 million investment or how much it has raised since its founding in 2014.
Artelon has developed a biotextile that is primarily used for soft tissue repair and reconstruction in ankle surgery. We also sell a kit system that includes a full set. Tools and implants needed for material surgery. All of the company’s products are approved by the Food and Drug Administration, Smith told the Atlanta Journal-Constitution.
Alteron raised this funding at a time when investors were keeping their checkbooks tight. So far in 2023, investments in U.S. companies are down about 50% compared to the same period last year, according to Crunchbase data analysis.
The 35-employee company plans to use the funds for clinical research, expansion of its surgical product line and other commercial growth. Arteron will move into a 20,000-square-foot facility in Sandy Springs this fall, according to the Atlanta Business Chronicle.
It’s not the company’s first move. Founded in Nashville, but moved to Atlanta in 2017.
“Atlanta offers a talented local workforce with medical technology expertise, reasonable living and business operating costs, ease of travel and logistics, and access to world-class research institutions,” said Smith. said Mr.
For decades, Georgia has targeted the expansion of bioscience companies, leveraging the public health infrastructure of research universities and the Centers for Disease Control and Prevention.
The Atlanta Journal-Constitution and Report for America have partnered to bring even more journalists to cover topics that matter to their communities. Please help us fund this important initiative. ajc.com/give