Aspero Medical Receives Seed Round Investment from Innosphere Fund
Innosphere Fund Invests in University of Colorado Boulder Medical Device Startup Company
The Innosphere Fund, a seed-stage venture fund that was formed to accelerate the growth and exit of Innosphere client companies, announced their second investment in Boulder-based medical device startup company, Aspero Medical, Inc. (Aspero). Aspero has developed the APTM Balloon Overtube for use in gastrointestinal (GI) balloon endoscopy procedures. The Innosphere Fund provided initial funding for Aspero in July of 2018 and is leading a $1.0 million seed round.
Aspero Medical’s technology is used to assist with the diagnosis of gastrointestinal (GI) disease which effects over 70 million patients annually in the U.S. who need endoscopy procedures. “There are significant limitations with current technology used in gastrointestinal endoscopy procedures,” said Mark Rentschler, Aspero Medical chief technical officer. “Our company has developed an alternative that will potentially improve performance of certain procedures, save time for practitioners and patients, and improve patient outcomes.”
Aspero will use the investment from the Innosphere Fund to support ongoing product development, establishing full contract manufacturing capabilities, completion of key regulatory filings, and development of the company’s commercial strategy.
“Innosphere has worked with impressive university faculty over the years, and we found Mark Rentschler to be an outstanding CU Boulder professor and researcher who understands what’s required to transfer and commercialize technology from the university setting,” said Mike Freeman, Innosphere Fund general partner. “We are pleased to be partnering with the Aspero team, including their chief medical officer, Steven Edmundowicz, MD who is leading all of the clinical research for future products.”
In May of 2019, Aspero Medical received their second Advanced Industries grant from the Colorado Office of Economic Development and International Trade (OEDIT). This recent Advanced Industries award was an Early Stage Capital and Retention grant in the amount of $250,000. The company’s first Advanced Industries award was back in 2018 when they received a Proof-of-Concept and Early Stage Capital grant.
All incoming client companies of Innosphere’s upcoming Fall Cohort will be evaluated by the Innosphere Fund for a potential pre-seed investment of up to $150,000 which will be distributed at the beginning of the company’s incubator engagement.
For more information on the Innosphere Fund contact Mike Freeman, General Partner of the Innosphere Fund, at 970.818.7008.
For more information on Aspero Medical, contact CTO Mark Rentschler at [email protected] or (720) 315-5165.
About Aspero Medical
Aspero Medical’s technology was developed at the University of Colorado Boulder and has a differentiated medical product for use in endoscopy procedures and designed to potentially improve procedure performance and outcomes. The company is focused primarily on gastrointestinal (GI) diseases which affect approximately 25% of Americans annually. The company’s medical device utilizes a patent-pending technology that creates a micro-textured balloon for balloon endoscopy procedures. https://www.asperomedical.com
About the Innosphere Fund:
The Innosphere Fund is a seed-stage venture capital fund that leads seed-stage investment rounds in companies that are likely to achieve a near-term exit through a corporate acquisition, and require smaller amounts of capital to achieve superior growth milestones. Made available to Innosphere client companies that meet certain qualifications, such as being Colorado-based and having a motivated team, the Fund was formed to accelerate the growth and exit of Innosphere’s client companies. www.innosphere.fund
Innosphere is Colorado’s leading science and technology incubator, accelerating the success of high-impact startup and scaleup companies. In addition to the program, Innosphere has real estate with offices and wet labs, and a seed stage venture capital fund.
Innosphere’s program focuses on ensuring companies are investor-ready, connecting founders with experienced advisors and early hires, making introductions to corporate partners, exit planning, and accelerating top line revenue growth. Innosphere supports entrepreneurs in many industries, including but not limited to: bioscience, medical device, B2B software solutions, FinTech, smart cities, and artificial intelligence. Innosphere has been supporting startups for over 20 years, has locations in Fort Collins, Boulder, Denver, and Castle Rock, and is a non-profit 501(c)(3) organization with a strong mission to create jobs and grow Colorado’s entrepreneurship ecosystem. innosphereventures.org