A medical device sterilization business that has focused on serving the military could raise up to $2 million, according to a federal regulatory filing.
Sterilucent is developing a quick, efficient and portable sterilization process that caught the eye of the military, which had trouble deploying sterilization equipment to forward bases because of the size of the machinery. The company won a five-year contract to deliver its technology to the U.S. Army Combat Casualty Care Hospitals.
This looks to be the company’s first large private investment round. Sterilucent has operated through a mix of federal contracts, earmarks and grants; some small early stage investments; and revenue from the coatings technology that spawned this business. Sterilucent used to be called Phygen, a 17-year-old coatings business that has also focused on the automotive and manufacturing industries.
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The word is Sterilucent may sign up for one of Minnesota’s increasingly popular Middle East road trips to raise money.
David Bell, the company’s CEO, was not available to discuss the fundraise.
Medical device sterilization processes are well established, but there are signs the industry is ripe for change and open to new approaches. Fighting new, persistent hospital infections is becoming close to an obsession for health systems. Plus, there was one recent exit in the space recently: Synergy Health acquired BeamOne in April for $35 million.
