Clinical-stage medical device company Coologics Inc announced on Tuesday the successful closing of its Seed round.

The round was oversubscribed, which the company says demonstrates strong investor confidence in Coologics' vision and technology around its initial product, Vlisse.

The seed funding round secured over USD3m in investment, exceeding the initial target of USD1.5m. It was led by Prevail and Dream Ventures, with material participation from two university alumni groups, Ohio State Early Investor Network and Illinois Ventures Illini Angels Program. The company's CEO/founder Dr Kim Langdon and chief medical officer Dr Nicole Williams are alumni of the Ohio State University and the University of Illinois, respectively.

According to Coologics, this significant capital injection will be instrumental in accelerating its key milestones around the completion of its ongoing clinical trial, FDA submission and initial market release of its flagship product Vlisse.