Baltimore-based BondTrue was awarded a $256,000 grant from the National Science Foundation (NSF) for development of its surgical closure device.
The Small Business Innovation Research (SBIR) award is non-dilutive, meaning that it doesn’t require the startup to exchange equity in the company to receive funding. CEO Aimee Martin said the stamp of approval from the NSF makes this grant a big step towards reaching commercial release, as it will fund live testing at the University of Maryland. Martin said the company is seeking out non-dilutive grants to minimize risk and mature the product before taking it to bigger investors.
Image: BondTrue's Aimee Martin and Dr. David Zachary Martin. (Courtesy photo)