TAMPA, Fla. – SynDaver Labs, a synthetic human manufacturer headquartered in Tampa with an advanced research facility located in Phoenix, Arizona, has successfully completed their initial round of funding through a private placement.
SynDaver reached their target of $1 million through a private offering of common stock on July 10, prior to the cutoff on July 31. More than enough investment offers came in, with some investors being placed on a waiting list.
The company, which intends to go public in 2018, will be using the additional capital to fund the expansion of their U.S. workforce, specifically in manufacturing, research and development, marketing and sales.
Funding is also slated to go toward creating SynDaver service centers in their largest overseas markets, which are currently China and Latin America.
SynDaver had previously received a $3 million offer during their appearance on ABC’s Shark Tank, but ultimately, the deal never came to fruition. Despite the initial setback, SynDaver was able to secure their desired funding through a small group of investors in just 25 days.
“We’ve been experiencing tremendous growth and there is an enormous demand for our products,” said Dr. Christopher Sakezles, CEO and founder of SynDaver Labs. “Right now our primary objective is to increase our ability to meet that demand and continue to expand our operations.”
SynDaver’s expansion plans include significant job creation in both Florida and Arizona.
“We’re still on target toward our goal of creating more than 500 jobs in Tampa and Phoenix,” Sakezles said.
In the last two months, the company has hired more than 20 people.
While no official date has been set, SynDaver is planning a second round of funding in the second quarter of 2016.
About SynDaver Labs
SynDaver Labs manufactures synthetic humans for training in schools, hospitals and military installations. SynDaver has the world’s largest database of live-tissue properties and all SynDaver tissues are made from water, salts, and fibers. The company currently has 10 patents on these materials, processes, and related products. SynDaver Labs is headquartered in Tampa, Florida and employs more than 100 people. The company also has an advanced research facility located in Phoenix, Arizona and is planning additional facilities in the U.S., China, Europe, and Latin America.