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Levita Magnetics and Praxis Biotech secure US$600 thousand through Founderlist

This post is also available in: esEspañol (Spanish)

ContxtoLevita Magnetics and Praxis Biotech are two Chilean health startups with particularly bright futures following an astounding US$600 thousand investment from Founderlist as well as other supporters.

In Summary

As an online investment startup based in Chile, Founderlist provided the platform for angel investors from over 22 countries to fuel this funding round. Over 17 trade deals transpired among partners, all of which helped both Levita and Praxis surpass original objectives.

In the end, Levita raised more than 170 percent more than expected. Even better, Praxis exceeded over 307 percent of its original budget. All of this can be attributed to Founderlist’s model of supplying at least 20 percent of funds while smaller entities provided the rest.

“We offer the opportunity to invest in advanced companies with great achievements worldwide to investors who normally would not participate in a round of this size,” said Founderlist Founder and General Manager, Pedro Varas.

In-Depth

Both of these innovative startups share Chilean origins but operate out of Silicon Valley. Not only are their foundations similar but also their mission to advance the health industry.

Originally, Levita gained notoriety for becoming the first company to develop magnetic surgery. Fast Company named it one of the Top 10 Most Innovative Companies in Health back in 2017 based on its patented technology. That’s to say, Levita ensures non-invasive procedures for patients as well as surgeons.

Specifically, magnets result in fewer incisions, meaning fewer scars and pain for overall faster recoveries. The U.S. Food and Drug Administration (FDA) approved the practice in 2016. With this, Levita also became the first Latin American company to create an FDA-approved product. Since then, the practice has been used in over 500 procedures in the United States.

In a similar vein, Praxis develops synthetic molecules for pharmaceutical use in fighting human diseases. The group employs an impressive group of chemists, biologists and techies that collectively research cell survival and neurodegenerative diseases. Some of these include Parkinson’s and Alzheimer’s disease.

Currently, the B2B biotech startup has three pending patent applications in addition to laboratories in Chile and India. Not long ago, Praxis also signed a research agreement with Oregon State University. Despite having a base in the United States, the founder embraces his company’s birthplace.

“Even though we have our base in the United States, an important part of the Praxis team is still in Chile,” said Founder Sebastián Bernales. “We are proud to have shareholders in Chile, not only to support the network of angel investors and institutions that are growing Founderlist but also showing off Chile as a global innovation center.”

Conclusion

Certainly, healthtech and biotechnology naturally go hand in hand with innovation. As Levita improves whole surgical processes, we literally have Praxis manipulating living organisms for commercial products. That may sound a little daunting but truly commendable undertakings for two startups.

-JA

Jacob Atkins
Jacob Atkins is a journalist specializing in Latin America. He studied journalism and international relations at American University in Washington, D.C. and has previously reported from Chile, Ecuador, Haiti and Mexico. When he isn't writing he's most likely hiking or drawing.

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