Startup Akros Medical Gains Significant Investment

A Durham, N.C.-based startup named Akros Medical has raised $610,000 from private investors. The company is developing a medical device for orthopedic surgery.

CEO Charles Horell reported that the total amount raised is higher than the amount listed in a regulatory filing. Horrell says the difference comes from a final investor who came in late and was not included in the filing. He adds that the $1.4 million fundraising goal listed in the filing is higher than the company’s actual goal.

“We authorized that many shares in case we had a compelling reason to change our business plan and need more capital,” Horrell said. “Our goal was [$500,000] and we didn’t close the round until we had surpassed that.”

Akros now has nine total investors.

In the summer of last year, it received a $75,000 small business research loan from the N.C. Biotechnology Center, a group that receives state tax money to invest in small North Carolina life sciences companies to help boost the economy.