Twin Cities Startup, Mardil Inc. Raises $6 Million From Malaysia
2/1/2013 8:36:42 AM
For many increasingly risk-averse med-tech venture capitalists, Mardil Medical probably isn't an ideal portfolio company. Before it can generate revenue, the Plymouth-based company must navigate the Food and Drug Administration's longest and most capital-intensive route to regulatory approval. Moreover, its technology incorporates assets acquired from a failed startup that spent more than $100 million in venture capital before shutting down after a protracted and high-profile battle with the FDA. Those challenges didn't stop Mardil CEO Jim Buck from seeking capital to fund his business, which is developing technology that treats a heart condition called functional mitral valve regurgitation. But it did help motivate him to think creatively. Since Mardil — like many med-tech companies — planned to conduct clinical trials overseas, he decided it would make sense to pursue capital there, too. Buck talked with Dale Wahlstrom, CEO of Life Sceince Alley, who pointed Buck to the trade group's innovation network and helped connect Mardil with Tractus Asia Ltd., a business consulting firm. Tractus introduced Buck to Malaysia's innovation agency, Agensi Inovasi Malaysia (AIM). The result: Mardil came home with $6.125 million in a round of funding led by AIM. And he expects to close an another $5 million later this year.