Switzerland's MyoPowers Medical Technologies, which is developing artificial muscle technologies to treat sphincter dysfunction and incontinences, has closed a $19 million Series B investment round led by Truffle Capital. Other investors include Swiss-based investment firm, BlueOcean Ventures and two private investors. All Series A investors, including Novartis Venture Funds, Gran Plasa and Initiative Capital Romandie, also participated.
"This series B investment which attracted new high calibre investors and the fact that all our Series A investors participated in this round, is testimony to their confidence in our technology and team," explains MyoPowers CEO Martin Horst. "These funds will help us bring our technology to the market in Europe."
MyoPowers was founded in June 2004 and has developed an artificial muscle technology to restore or improve muscle function. Formerly known as NanoPowers, the company changed its name in January to more accurately reflect its strategic vision.
According to the American Urology Association, more than 15 million people suffer from urinary incontinence. MyoPowers is developing implantable medical devices for the treatment of severe stress urinary incontinence, the company notes on its website. The incontinence solution is an artificial urinary sphincter placed around the urethra that is individually actionable and adjustable with a remote control.
- get the MyoPowers release