Innogest, Zernike Meta ventures and IAG closed a € 1.5 million second round investment in Angiodroid
MILAN, JULY 16 2015 – Innogest and Zernike Meta Ventures – through the fund Ingenium EmiliaRomagna – with the partners of Italian Angels for Growth (IAG), have invested 1.5 million euros in Angiodroid, a start up that designs, produces and sells injectors which use carbon dioxide as contrast agent in angiography.
This investment follows a previous funding round of 900.000 euros led by Zernike Meta Ventures and IAG’s partners in September 2013. Innogest manages two Venture Capital funds for a total amount of 160 million euros and invests mainly in Italian start-ups with a medical and digital profile. Zernike Meta Ventures is a financial corporation specialised in finance for innovation and creation of new businesses. IAG is the largest Italian Business Angel Group operating since 2007 in the development of new Companies. Angiodroid develops and sells the only automatic injector of carbon dioxide (CO2) as contrast agent in angiography; the injector is able to guarantee the absolute no contamination of CO2 gas from ambient air thanks to a sophisticated internal circuit constantly kept in positive pressure. The technology is patented in Italy and abroad.
The use of carbon dioxide as contrast agent in angiography, in particular for patients suffering from kidney failure, has been a common practice since the 70’s. Before Angiodroid this procedure was carried out only using common, manually operated syringes that made this procure not repeatable and painful for the patient due to the impossibility to fine-tune the injection pressure. Angiodroid injectors exceed the limits of the manual practice allowing interventional doctors to operate in complete safety and comfort for the patient. The company boasts significant sales in Europe, Middle East and Asia and awaits the certification from FDA (Food and Drug Administration), the US Authority for drug regulation, through the activation of its subsidiary Angiodroid America Inc. based in Cambridge (Boston – MA).
The investment will be used for commercial development and launch of new products both in the angiography field and in the CO2 application in other areas of clinical investigation. «We are delighted to announce the investment in Angiodroid – declared Claudio Rumazza, Partner of Innogest – this is the only completely safe solution for angiography and, also thanks to its automatic procedure, is completely similar to traditional systems which use iodine. We believe that this technology could be adopted not only for patients suffering from kidney failure, but also for those without kidney diseases, for which iodine is still noxious. We are ready to work with Sebastiano Zannoli and with the Angiodroid team to support, with our expertise and network, their growth in international markets and the development of the product range». “Angiodroid has achieved high visibility in the main international conferences thanks to the personal witness of leading experts who have already used its technology. With this investment we will be able to reach all the clients who are requesting this important innovation to safeguard renal patients’ health” commented Michele Marzola, Partner of IAG and representative for the investment.
“We are happy to see the confirmed trust of our investors and the entry of Innogest with the important contribution of Andrea Venturelli as new Company Board Member” underlined Sebastiano Zannoli, founder and CEO of Angiodroid. Indeed, also Andrea Venturelli, founder of Invatec – Company acquired by Medtronic in 2010 in one of the most successful exit transactions in the Italian medtech field – and Venture Partner of Innogest, took part to the investment. «I accepted with pleasure and interest to join the Board of Angiodroid – Venturelli declared – since I believe that the technology of this company could be very supportive not only for the operators but especially for the growing population of renal patients who with increasingly frequency needs angiography. I moreover consider significant the fact that Angiodroid technology could also bring a saving in the cost of the procedure. I hope so that my expertise may be helpful for this promising firm».