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EAST LANSING and ANN ARBOR, Mich. — GreenMark Biomedical Inc. announced that the company raised $1.74M in equity financing in the form of convertible notes in anticipation of a Series A financing in 2021.
The bridge round was led by current investors Red Cedar Ventures and Invest Detroit Ventures, with other current and new investors, including newly created Michigan Rise Pre-Seed Fund III participating in the financing. In connection with the investment, Mr. Jeff Wesley, Executive Director of Red Cedar Ventures, was appointed to the GreenMark Board of Directors. Prior to joining Red Cedar, among other executive leadership roles, Mr. Wesley served as President of Accu Bite Dental Supply, which was acquired by Patterson Companies, Inc., one of the leading two dental distributors in the nation.
According to Mr. Wesley, “Upon FDA Clearance, the company plans to launch its first product, LumiCare™ Caries Detection Rinse, which along with its non-invasive treatment currently under development stands to transform dentistry as we know it”. Ms. Patti Glaza, Executive Vice President, Invest Detroit Ventures, added “We are proud to lead and participate with follow-on investment in one of Michigan’s most promising start-up companies”.
“We are extremely grateful for this strong support from our investors during these challenging times, as this enables us to go full steam ahead with the scale up of our manufacturing capability and to drive towards manufacturing, marketing and sales,” said Dr. Steven Bloembergen, Ph.D., GreenMark’s founder, Chairman and CEO.
“Much like non-invasive medical procedures changed the world of Medicine, we believe this will advance Dentistry and help drive many more patients to go see their dentist, including those with Dentophobia, leading to growth & revenue for dental clinics”, explains Mr. Mike Flanagan, Vice President, Ann Arbor SPARK, who as one of three new investors in GreenMark joined follow-on support from Red Cedar Ventures, Invest Detroit Ventures, University of Michigan’s MINTS, Blue Water Angels, and Western Michigan University’s BRCC.
