ATI’s Alafair Biosciences to Spend $2 M on Product Development
ATI portfolio company Alafair Biosciences Inc., which recently raised $2 million in a series A round led by Austin’s ATP Fund, will use the new investment for product development and branding.
The funding boosts to $5.9 million the amount of capital Alafair has brought in since it was founded in 2011, and comes a couple of months after the company received federal clearance to sell its first device, a hydrogel to protect tendons after surgery. At the time, Chief Operating Officer John Joyoprayitno said Alafair hopes to begin shipping the VersaWrap in the second quarter of 2017.
As part of the deal, ATI’s former IT/Wireless portfolio director and ATP Fund Managing Partner Kyle Cox has joined Alafair’s board of directors. The UT Horizon Fund, a venture capital arm of the University of Texas System also invested in the round.
Reporting by the Austin Business Journal was used for this story.