Buffalo, New York – Rand Capital Corp. officials announce that they have recently invested $500,000 as part of a $4 million equity capital infusion in GENICON Inc. GENICON is recognized as an emerging leader in the design, production, and distribution of patented surgical instrumentation focused exclusively on laparoscopic surgery. Rand's primary co-investor is Advantage Capital Partners, a venture capital firm, which invests in entrepreneurial small businesses in communities that are underserved by traditional sources of capital.
GENICON, which has built a reputation for innovative new product development, was recently awarded two 36-month group purchasing agreements with the Premier Healthcare Alliance for its full range of endomechanical products and trocar products. The business has long-standing distribution agreements in a number of international markets including the U.K., Italy, Spain, South Korea, South Africa, the Middle East, and China, as well as the U.S. market. In 2014, GENICON was recognized for its significant contributions to the expansion of U.S. exports by the U.S. Department of Commerce, having been awarded the President's "E" Award for Exports.
Daniel P. Penberthy, Rand's executive vice president, commented, "GENICON is an innovative and exciting venture in the health care field and has demonstrated the success of its products with double digit growth in sales. While the business is outside our typical geographic investment region, our trusted and frequent co-investment partner, Advantage Capital Partners, introduced us to GENICON. After review, we readily understood their excitement about the company's technologies, unique market segment, and opportunities for future growth and market expansion."
Gary Haberland, founder and CEO of GENICON, added, "This growth capital will enable us to expand our sales and marketing efforts and continue product development in order to gain scale in our markets. Rand and Advantage are strong partners for us and we appreciate their confidence in our technology and growth plans."
Source: Genicon Inc.; Advantage Capital Partners; Rand Capital