US medical device manufacturer VitaTek is launching a Series A funding round with the objective to raise $50m.
VitaTek said the funding will be used to finalise the acquisition of medical device manufacturer I-Tek and conclude construction on its headquarters. Vitatek is also planning to set up a clean room and obtain new high-tech manufacturing equipment.
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VitaTek CEO Jason Scherer said “VitaTek is positioned to seize the remarkable growth potential in the global medical devices market, set to reach $799.67bn by 2030.
“Our scalable business model drives significant revenue growth with minimal costs, and our dominant market position offers a clear competitive edge. We are the largest private medical device manufacturer in Minnesota with an impressive gross total of $316m based on OEM devices.”
VitaTek claims to be the only vertically integrated medical device service, meaning it handles all the different stages involved in creating and bringing medical devices to market, from research and development to manufacturing and distribution.
The company has a pipeline of 33 medical device products in incubation and nine OEM medical device products.
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By GlobalData
