SweetBio, Inc. announced that, after less than a year in existence, they have successfully raised $1 million in funding.
The medical device startup specializes in wound healing biomaterials with a focus in dental.
The announcement of the $1 million funding mark came this week after the company raised $900,000 in equity financing to support FDA 510(k) clearance and commercialization of the SweetBio GTR (Guided Tissue Regeneration) Membrane.
rom May through August of this year, SweetBio participated in the
Memphis Bioworks Foundation’s ZeroTo510 Medical Device Accelerator that provided $100,000 in equity financing and services.
Investors in the round included previous investors Innova, a pre-seed, seed and early-stage investor focused on starting and funding high-growth companies in the Biosciences, Technology and AgriTech fields, and MB Venture Partners, a venture capital firm that provides capital and strategic direction to life sciences companies. Terms of the financing were not disclosed.
“The SweetBio team represents the best of the Memphis entrepreneurial ecosystem and the ZeroTo510 program in particular,” said Mike Sherman, Partner at MB Venture Partners “We are excited to continue supporting their efforts to bring their Manuka honey membrane technology to the periodontal market.”
“We believe the general market trend for more natural products and solutions is quickly spreading to the healthcare field, and SweetBio's products are timed perfectly to take full advantage of this trend,” said Jan Bouten, Partner at Innova. “On top of the great business opportunity, we're thrilled ZeroTo510 was able to attract such a great team to Memphis to build their company here.”
“The team’s very thorough research and documentation, and the potential benefit of this guided tissue membrane to the dental profession, is phenomenal,” said former ADA (American Dental Association) president Raymond Gist, DDS PC.
By the year 2027, 200 million Americans will suffer from partial tooth loss. Without proper treatment, bacteria growth may cause oral infections, which can serve as a gateway to diabetes, heart and lung disease, and even death. Oral surgeons try to reduce these risks by installing a membrane as a barrier to allow the bone and the gums to heal before placing an implant.
Current products are difficult to handle and often fail, reversing the healing process, encouraging infection and causing additional surgeries. SweetBio’s secret sauce is, in fact, honey...in the form of a bacteria combating membrane innovation for oral surgeries. Called Guided Tissue Regeneration membranes (or GTR membranes), they protect the site after oral surgeries and help the mouth heal. The honey is called Manuka honey or medical grade honey and is currently used in hospitals to treat burns and ulcers. SweetBio is the first to take this to the oral surgery space to use Manuka honey membranes to address the millions of teeth pulled every year.
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