Startup company Teal Bio is currently developing a reusable medical device to replace single-use personal protective equipment (PPE) like disposable N95 masks. The medical device business recently secured $2.45 million in Series A financing to continue the development of its sustainable PPE.
Securing Series A Support
New York-based investment advisory firm Caligan Partners LP led support for the startup business during the latest financing round. Teal Bio also found support for its medical device company from returning investor Innocreative Capital. The Los Angeles-based venture capital firm previously led a $575,000 seed round for the startup business.
“The need for PPE is not going away and we need better, more environmentally friendly solutions for healthcare workers,” said Tony Casciano, CEO of Teal Bio. “Even though disposable N95 masks have been incredibly helpful... they have significant limitations. Our reusable respirator system is being designed to give healthcare workers respiratory protection that is comfortable, cost-effective, sustainable and less obtrusive.”
The funding generated during the Series A round will allow the startup company to finish the development of its sustainable PPE. The financing will also help the medical device business complete the prerequisites needed to obtain regulatory approval for its respirator. Teal Bio expects its lead product to become available in 2022.
“We are proud to be leading the Series A financing for a novel, cost-effective, environmentally friendly approach to improving protection for hospital workers, patients and the environment and have great confidence in Tony and the Teal Bio team...” said Dave Johnson, Managing Partner at Caligan Partners.
Improving PPE Design
The Massachusetts-based startup company was co-founded in 2020 by entrepreneurs Adam Wentworth, Dr. Robert S. Langer, Dr. Giovanni Traverso, Dr. James Byrne, and Jason Troutner. With a sustainable and reusable PPE design, the business aims to reduce the waste from single-use medical devices.
Using transparent, medical-grade silicone, the startup company is developing a mask that can be disinfected using simple cleaning supplies such as alcohol wipes. The startup business is also designing its sustainable PPE to use replaceable filters made from “substantially biodegradable” materials in order to reduce excess plastic waste. Teal Bio claims that its medical device will improve communication and comfort when compared to existing N95 masks.
Tapping Into a Rapidly Expanding Market
The global pandemic negatively impacted many industries; however, the critical need for PPE has enabled the medical devices industry to exhibit continued growth. According to a report from market research firm Grand View Research, the global PPE market is expected to reach just over $112 billion by 2028. The industry was valued at over 77 billion in 2020 and is expected to register a CAGR of 7.3% over the forecast period.
Teal Bio will have to compete alongside other suppliers of traditional respiratory protection equipment, such as Honeywell and 3M. Additionally, the startup will have to compete against the convenience and affordability offered by disposable options. If the startup company is able to produce its sustainable PPE at a competitive price, the business will be taking advantage of a major market opportunity.
James White is a Michigan State University graduate with a BS in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.