East Lansing-based Greenmark Biomedical Inc. is an entrepreneurial example of how “it takes a village.”
The company, which received approval from the Food and Drug Administration in March for dentists to use its oral rinse made of starch nanoparticles to detect tooth decay sooner than previously possible, has grown Has raised or received more than $6 million in scale funding. Three seed funds funded by Michigan Financial Growth Corp., as well as grants from across the state and angels and institutional traders of all kinds.
Greenmark has been awarded more than $3 million in non-disruptive funding from several grants and subsidies, including two Part I and two Part 2 grants, totaling $2.84 million, from the Nationwide Institute for Wellness . In 2018, Greenmark received a $100,000 runner-up award at the Michigan Innovation competitors’ annual Speed Up in Detroit.
The company raised the first half of its seed funding round in 2018, with Blue Water Angels of Midland investing $280,000, Biosciences Analysis and Commercialization Heart in Kalamazoo, which is affiliated with Western Michigan College, investing $200,000 , and invests Detroit Ventures Investing $50,000.
It raised the remainder of that $1.2 million seed cycle over the subsequent 12 months, including $500,000 from the College of Michigan, investments in the Startup Program of New Specialization, $100,000 from Michigan and $45,000 from Crimson Cedars Ventures, a fund affiliated with. Michigan State College Basis.
The $1.74 million funding round raised last year includes another $500,000 from UM MINTS Fund, $300,000 from Crimson Cedar Ventures and $100,000 from a new fund affiliated with MSU Basis, Michigan Rise Pre-Seed Fund III; $213,000 extra from Blue Water Angels; another $200,000 from the BRCC; and $250,000 from Ann Arbor Spark.
The company’s founder, president and CEO, Steven Bloombergen, expects to raise another $3 million-3.5 million in the third quarter of this year, when it plans to raise a gross sales staff and begin generating income. Used to be. The company currently employs eight.
“We now have two world dental corporations that are eager to invest. I can’t identify the names, but both are very excited.” “All the pieces have moved so effectively, it’s ridiculous.”
How can one explain such a wide range of help for startups? For one, early detection of tooth decay is a huge choice in the worldwide market. However, more important than the stand level of these writing tests, they are investing in the same starch nanoparticles and the same entrepreneur who is at the center of an initial public supply of $100.4 million at the Toronto Inventory Change in 2011.
Bloombergen first began looking for a market for starch nanoparticles in 1996, when he based a small startup known as Lions Adhesives as a non-profit biotech accelerator within the Michigan Biotechnology Institute in Lansing. Bloombergen, who earned his Ph.D. in polymer science and engineering at Waterloo College in Ontario, thought that starch particles could be used in paper mills to enhance the manufacture of paper.
In 2010, the corporate, renamed Ecosynthetics Inc., after receiving a $5.7 million grant from Sustainable Expertise Development Canada. That 12 months in Canada. By then, the company was making more than 200 million kilos of nanostarch in manufacturing services in the US and Canada.
At this time, Greenmark buys the same starch nanoparticles from Ecosynthetics – Bloombergen left the company in 2016 – and provides them with luminescent tags to make them shine where teeth are rotting. Bloombergen filed for a primary patent for the nanoparticle for dental use in 2011, although Ecosynthetics had little interest in its commercialization.
“It was cordial. EcoSynthetix mainly gave me the patent,” Blombergen said.
Bloombergen, who holds more than 25 patents related to biomaterials, was coming from his residence in Michigan to Ontario. He based Greenmark in 2016. His workplace is in the innovation heart of MSU’s expertise in East Lansing.
An FDA-approved starch-based product is branded as LumiCare Ceries Detection Rinse, a technical term for “decaying” tooth decay. After rinsing, the areas of initial caries are brightened, giving dentists a transparent view of the extent of the caries when using a blue gentle, perceived through an orange filter.
Bloombergen has developed a second product, known as CrystalCare, which uses nanoscale starch particles filled with calcium and phosphate to regenerate, or remineralize, the enamel on teeth, which tolerates tooth decay. starts doing.