MIMOSA Diagnostics completes latest raise to accelerate north american commercialization
TORONTO/HALIFAX, CANADA, June 10, 2024 - MIMOSA Diagnostics is pleased to announce the successful closing of their latest round of financing, aimed at fueling the company’s ongoing commercial expansion and organizational growth. The raise was led by Kern Venture Group, Kindling Investment Partners, Spring Impact Capital, Raspberry Investments Corporation, and Mimosa Partners, along with returning investors, Archerwill Investments and the XDL Group. The funding comes just 8 months after launching their growth and scale product the MIMOSA Pro into the US market and 4 months post Health Canada approval.
MIMOSA Diagnostics created the MIMOSA Pro to address challenges that exist in the current standard of care for tissue health assessments. The MIMOSA Pro is a pocket-sized skin imaging platform that allows clinicians to accurately assess every patient at the point-of-care in less than one second. With an accompanying web portal, clinicians can monitor patient progress over time, validate the efficacy of their treatment modalities, and export documentation required to demonstrate medical necessity to payers.
“We are immensely proud to have secured this recent round of funding, which signifies a major milestone in our commercialization journey. This investment reflects our current position in the US and Canadian markets, with investment from both Canadian and American groups," said Dr. Karen Cross, CEO of MIMOSA Diagnostics. "With these funds, we are excited to accelerate our market expansion efforts, reach new customers, and continue building our exceptionally talented team. This support from our investors will enable us to enhance our product offerings, scale our operations, and ultimately drive significant growth in the months and years ahead.”
Josh Berg, Principal Partner of Berg Capital Partners, said, “Working with MIMOSA Diagnostics is truly a wonderful experience. Berg Capital Partners is consistently inspired by MIMOSA’s dedication and unparalleled innovation in the skin injury diagnostic space. We are deeply proud of this partnership as MIMOSA continues to successfully improve patient care and outcomes through its both best-in-class and first-in-class technology. This successful financing is only the beginning of MIMOSA’s successful trajectory.”
David Higdon, Managing Partner at Kern Venture Group shared, “Kern Venture Group is proud to support Dr. Karen Cross and the MIMOSA Diagnostics team as they look to revolutionize wound care. It is critical for physicians to have access to their technology to assess tissue health at the point-of-care and we believe MIMOSA Diagnostics is the company to make this happen."
"Archerwill is very excited to participate in MIMOSA'S transformational journey to advance tissue health assessments. The MIMOSA teams' expertise has resulted in a solution that should benefit a vast number of patients and clinicians at the point of care." said Irvine Weitzman, President of Archerwill Investments.
With this funding, MIMOSA Diagnostics is well-positioned to scale North American sales and operations while ensuring the MIMOSA Pro continues to anticipate the evolving needs of clinicians and patients across the care continuum.
Author: Renee Gibbons
