Morrisville, NC – October 10, 2016 – Lucerno Dynamics, LLC, a medical device start-up in Morrisville, NC, announces the completion of its series A equity funding round with a total $6.34 million raised.
“We are very pleased with the response to our fundraising campaign,” said Ron Lattanze, Lucerno’s chief executive officer. “This completes our funding initiative. With this investment, we will be able to commercialize our first application of Lucerno sensor technology early next year and it sets us up to explore additional applications of the technology.”
Lucerno’s first commercial application provides quality control and quality assurance for nuclear medicine injections.
The $6.34 million investment includes $1.14 million of convertible debt raised earlier this year and $5.2 million in new funds.
“Once we secured a lead investor, two major investors and other individuals committed funds within three weeks, “Lattanze said. “I was most encouraged by the healthy amount of oversubscription, about $700,000, and that the majority of our note holders added to their investment.”
Durham-based IDEA Fund Partners, a major investor, infused venture capital funds. “We are excited to participate in this round of financing,” said John Cambier, managing partner of IDEA Fund. “After having served as an advisor to Lucerno for the last three years, I have only become more impressed with both the team and the opportunity ahead for the company. They have demonstrated a combination of great drive and ability and the progress they are making in bringing a game-changing technology to the market is undeniable.”
IDEA Fund Partners is a seed and early stage venture capital firm investing in disruptive B2B companies based in the Southeast and Mid-Atlantic regions. The firm manages one of the most active seed and early stage funds in Southeast.
Founded in 2011, Lucerno Dynamics is a Morrisville, NC medical device company that is focused on the development, manufacturing, and marketing of systems to detect and quantify the presence of radiolabeled biomarkers.