Eight months after it launched its product in the United States and four months after winning Health Canada approval, Halifax- and Toronto-based MIMOSA Diagnostics has closed a funding round for an undisclosed amount, led by California’s Kern Venture Group.
Also included in the round were Kindling Venture Partners, another California company, Vancouver’s Spring Impact Capital, Toronto-based Raspberry Investment Corporation and returning investors, the company said in a statement.
“We are immensely proud to have secured this recent round of funding, which signifies a major milestone in our commercialization journey,” said Chief Executive Dr. Karen Cross in a statement. “This investment reflects our current position in the US and Canadian markets, with investment from both Canadian and American groups.
“With these funds, we are excited to accelerate our market expansion efforts, reach new customers, and continue building our exceptionally talented team. This support from our investors will enable us to enhance our product offerings, scale our operations, and ultimately drive significant growth in the months and years ahead.”
Founded by Cross, a plastic surgeon, and General Leung, a magnetic resonance researcher at the University of Toronto, MIMOSA has developed technology to more quickly diagnose bedsores and similar wounds via a process called tissue oximetry, which essentially uses light to measure tissue health. As of March, the company had 250 commission-based sales reps in the United States.
MIMOSA Labs, its research arm, also announced the business’s first research deal with consumer razor company Henson Shaving, which plans to use the technology to showcase the benefits of its own product line.
“The MIMOSA Pro was created in my lab, and now, to be able to extend our service offerings to validating other technologies with MIMOSA Labs is a full circle moment,” said Cross.