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Business Observer Wednesday, Jul. 29, 2015 3 years ago

Synthetic human maker raises $1M, plans IPO

SynDaver Labs has raised $1 million in private offering, getting ready for more public offering in 2018.

TAMPA --¬†Although its deal with the ABC program “Shark Tank” fell through, SynDaver Labs still had what it called a successful round of fundraising, picking up $1 million in a private share offering.

The Tampa-based synthetic human manufacturer, which also runs a research facility in Phoenix, says it raised the money it needed by July 10, and added other possible investors to a waiting list. It will use the funds to expand its workforce, according to a release, specifically in manufacturing, research and development, marketing and sales. The firm also plans to go public in 2018, according to the statement.

Additional funds will be used for SynDaver service centers in overseas markets in China and Latin America.

The money is just a third of the $3 million offered to the company on “Shark Tank,” a deal that never came to fruition. Instead, SynDaver raised the $1 million in 25 days.

SynDaver creates synthetic humans for training in schools, hospitals and military installations. It has 10 patents on materials, processes and related products, and currently employs 100 people in Tampa and Arizona. The company plans a second round of private financing next year.

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