Open Prairie Ventures and KC BioMediX Announce Series A Investment
October 7, 2008: KC BioMediX, a rapidly advancing medical device company developing technologies to solve feeding issues in premature infants, and Open Prairie Ventures, an early-stage venture capital firm specializing in medical, agricultural and IT technologies, announced today the firm has made an investment in KC BioMediX’s Series A financing. Along with the investment, Michael Peck, Partner at Open Prairie Ventures, a 10 year early-stage investment and entrepreneurial veteran, will join the Board of Directors for KC BioMediX.
KC BioMediX has raised $4 million to date; including $1.5 million in a previous undisclosed seed round. The new Series A capital will be used to expand the growth of the company and initiate product sales in 2009. This investment represents the fourth investment of Open Prairie Ventures II, LP.
“We believe KC BioMediX and its experienced management team fit perfectly within our strategy and investment thesis. The company has been a technology innovator while demonstrating an efficient approach to building a sustainable company.” said Michael Peck, Partner with Open Prairie Ventures. “The company has set a great example of how to take university-based technologies, leverage the accelerators and seed capital to produce a marketable product.”
D. Michael Litscher, a co-founder and chief executive officer of KCBioMediX said, “Our first product the NTrainer System®, recently cleared by the FDA for marketing, has benefited from the research at the University of Kansas and the business assistance environment in Kansas. We are now delighted to add Open Prairie Ventures as an investor. The Open Prairie Ventures team has a great deal of experience in the medical device technology sector and with growing early-stage companies. Their experience and participation on the Board of Directors will be helpful to as we build our company."
www.KCBioMediX.com