ROCHESTER, Minn., April 19, 2021 /PRNewswire/ -- Nanodropper, Inc., a medical device company offering a first-of-its-kind eyedrop bottle adaptor that reduces eyedrop size, recently completed a $1.4 million seed round.
Golden Seeds, a recognized leader in the movement to accelerate funding to women entrepreneurs, represents Nanodropper's first institutional investor after a multiple-year run of non-dilutive funding through inventor competitions, state and local grant support, and an initial funding round of investors that included optometrists, ophthalmologists, and other healthcare professionals who believe in Nanodropper's product and business model.
"Golden Seeds is delighted to be an investor in Nanodropper. We believe the company solves a crucial problem well known by clinicians, payors and most importantly patients. This product is expected to provide much needed precision for glaucoma patients while providing a more cost effective solution for payors," according to Seema Phull, Managing Director of Golden Seeds and member of the Board of Directors of Nanodropper.
Rochester Area Economic Development, Inc., where Nanodropper is headquartered, joined Golden Seeds in the round and represents the company's first civic fund investment. Additional investors include members from the Austin Area Angels and Seattle-based Alliance of Angels. Nanodropper was founded in Seattle.
"Nanodropper is a prime example of what the Economic Development Fund was created for: helping a local base business grow. This young team came up with a novel approach to a multi-billion dollar problem, and there's nothing Rochester would love more than to see their enterprise thrive," said John Wade, Interim President of RAEDI. "It's an honor to be able to help them work toward that goal."
"Our partner clinic network has already expanded to 16 states and Washington, D.C. With this new wave of support, we are ready to expand our reach to the entire U.S. and internationally," said Allisa Song, co-founder and CEO of Nanodropper.
The Nanodropper adaptor was inspired by a 2017 ProPublica article investigating eyedrop medication waste. The co-founders of Nanodropper were named to the 2021 Forbes 30 Under 30 in Healthcare for their efforts, and have won more than 20 awards along their journey. Their invention is an FDA-listed, Class I medical device that is manufactured in the United States. The adaptor easily screws onto eyedrop bottles, and reduces the size of a typical eyedrop by nearly 70 percent, stretching the life of the bottle by several months.