Korea Bone Bank, a Seoul-based processor of allograft bones and connective tissues for transplant, has raised an undisclosed amount of Series B funding from ePlanet Ventures.
ePlanet Ventures, the world's leading global venture capital firm headquartered in Silicon Valley, California, has announced a Series B investment in Korea Bone Bank. Korea Bone Bank, headquartered in Seoul, Korea, is the largest and one of only two Korea Food and Drug Administration approved processor of allograft bones and connective tissues for transplant.
Korea Bone Bank is benefiting from the growth of the market that is driven by aging population prevalent in developed countries like US, Western Europe, Japan, Korea, etc. Accelerating the trend is general obesity and lack of exercise, which contribute to more bone fractures. Allograft procedures are increasingly covered by medical insurance, fueling patient demand for allograft instead of conventional metal instrument implantation. ePlanet Managing Director Jerry Cho commented, “We have been very impressed with Korea Bone Bank's growth, and believe the company is well-positioned to take advantage of the expected global surge in demand.”
Commenting on the occasion, Asad Jamal, Chairman and CEO of ePlanet Ventures, said, “We are very excited to invest in Korea Bone Bank as we believe in the company's growth prospects. The investment further widened the breadth of ePlanet Venture's substantial portfolio in the Life Sciences, Healthcare and Medical Devices sector, and we intend to leverage on our expertise to help Korea Bone Bank expand internationally.”
ABOUT EPLANET VENTURES
ePlanet Ventures is a leading global venture capital firm headquartered in Silicon Valley, with international offices in London, New Delhi, Bangalore, Singapore, Shanghai, and Beijing, as well as a presence in Hong Kong, Seoul and Tokyo. ePlanet Ventures has funded over 80 innovative high-growth companies world-wide, including landmark deals Baidu (NASDAQ listing in August 2005, presently circa. US$12B market cap), Skype (sold to eBay for approx. US$3B in 2005), and Focus Media (NASDAQ listing 2005, presently circa. US$6B market cap). ePlanet is one of the leaders in promoting the cross-border migration of technological innovation, business models and entrepreneurship. The Firm has made investments in sectors such as the Internet (consumer Internet, Internet services and applications), wireless communications and applications, VoIP and other broadband services, entertainment, semiconductor design, life sciences and other emerging services sectors. ePlanet also seeks to make investments in traditional, established industries where business-model improvements have the power to create category-dominant companies in the world's fastest growing markets. The firm has won the China Venture Capital Association Exit of the Year 2005 for Baidu, and the European Venture Capital Association Deal of the Year 2005 Award for Skype, and has been profiled in FORBES Feb. 2007 as a “Pioneer in Global Venture Capital”.
ABOUT KOREA BONE BANK
Korea Bone Bank Inc., based in Seoul, Korea, is the largest processor of allograft bones and connective tissues for transplantation. The Company was founded in 1997 to provide full range of products for bone tissue transplantation including allograft, bone cage, tendon, meniscus, cancellous bone chips, allograft paste, femur head, proximal, fibular shaft, skin graft, bone morphogenetic protein, and demineralized bone matrix, etc. The Company serves various surgery markets including orthopedic, neurological, oral/maxillofacial, dental, and general clinical markets. The Company supplies these products to over 330 hospitals in Korea.