Kelvin Capital, Lancaster Capital and the Scottish Investment Bank are coming together to back the growth ambition of Taragenyx.
Glasgow-based Taragenyx, which was named after the Hindu goddess of healing, was set-up four months ago and began life at Glasgow’s entrepreneurial-spark incubator.
The start-up entrepreneurial medical technologies company was set up to tackle the problem of orthopaedic and dental implant failure across what it calls an ageing population.
Its £1.3 million of new funding has come from a consortium of investors including the Scottish Investment Bank, the investment arm of Scottish Enterprise.
The business is led by Iain McDougall who, prior to co-founding Taragenyx, was CBO of Lamellar Biomedical, a pre-clinical respiratory therapeutics company targeting cystic fibrosis.
McDougall comments, ‘For a medical technologies start-up to raise on of Scotland’s largest seed rounds, it is a real testament to the team we have put together and the strength of our underlying proposition.’
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Also on the team of Taragenyx alongside McDougall is former UK chief dental officer Raman Bedi and Deepak Basra, former head of M&A at Smith & Nephew Orthopedics.
Jim Hall, director and co-founder of Kelvin Capital, says, ‘Both the team and the technology at Taragenyx are outstanding. They have a remarkable coatings technology from which to deliver transformative therapies to the orthopaedic and dental implants market.
‘The remarkable progress made by the company in just its initial four months of operation is testament to the quality of the Taragenyx team and augers well for their ability to deliver these products to the market place.’