Memphis-based Restore Medical Solutions has finalized a new series of funding that will help the company continue product development.
Restore, developer of a tray that aids in the sterilization process of medical instruments after surgery, received $1.6 million from a group of investors that included MB Venture Partners, Innova and Mountain Group Capital, an investor from Nashville. Steven King, Restore’s president and CEO also participated in the funding.
Restore has received $4.2 million in funding since its inception, and King indicated the company’s next round of funding would support scaling up its sales organization.
“(Restore) had several elements in place for a successful business. One, you have two innovative guys with experience from a customer’s perspective and two, you have the hospital market trying to solve a significant problem with respect to cleaning and sterilizing their surgical instruments,” King said. “That was something I could add value to.”