Estonian deep tech Nanordica Medical closes a €1.75M investment round

Tallinn-based startup Nanordica Medical has announced the closure of a €1.75 million investment round led by the Estonian fund Specialist VC. The round will help Nanordica Medical to bringing its wound care products to the market.

About Nanordica Medical

  • Nanordica Medical is a spin-off of the National Institute of Chemical Physics and Biophysics (Estonia). The company was founded in 2019 by scientists Olesja Bondarenko PhD, Anna-Liisa Kubo PhD, Dr. Grigory Vasiliev PhD, and joined by business co-founder Meelis Kadaja, PhD, MBA in 2023. Its first product is an antibacterial wound dressing to address the issue of chronic wound healing.
  • Nanordica Medical is a member of the Tehnopol HealthTech Community. Additionally, in February 2023, the startup raised a €375,000 in a seed round led by Erki Mölder, Heidi Kakko, and Martin Goroško.

We achieved a crucial milestone by demonstrating the safety and efficacy of our advanced wound dressing in patients with the most challenging wounds, diabetic foot ulcers. Our next goal is to get the product to the market and in the hands of patients,

co-founder and CEO of Nanordica Medical Olesja Bondarenko, stated.
  • The Tallinn-based fund Specialist VC led the current round. It is known for backing successful ventures like Bolt, Starship, Veriff, and Salv. In February 2024, it led the investment for the Estonian defense tech startup SensusQ.
  • Estonian Superangel, an early stage investment fund and company builder, and Amalfi also participated on the investment.

The funds will be used for finalizing regulatory approval, conducting a multicenter clinical trial, and bringing to the market Nanordica Medical’s first wound care product, advanced antibacterial wound dressing, to treat severe wounds.

In the next step, Nanordica Medical’s team plans to convey a study population involving 170 patients with diabetic foot ulcers is planned to start in Q2 2024. Nanordica Medical’s first product for veterinary use Ravimus Vet was launched in 2023, and the human product is planned to launch in 2025.