Biotech and Defense Startup, Pilgrim, Raises $4.3 million in Seed Funding
In one of the more unusual startup attempts to capture investors’ attention, 21-year-old founder of Pilgrim, Jake Adler, conducted a biopsy on both thighs, applying an experimental Kingsfoil dressing, the company’s flagship product, to one wound while leaving the other untreated as a control. The clay-based hemostatic agent immediately transformed into a gel, effectively halting the bleeding.
The stunt convinced investors, as the Redwood, Calif.-based startup went on to raise $4.3 million in seed funding, with Cantos leading the initial funding round and participation from Day One Ventures, Joshua Browder, among others
Kingsfoil, named after a medicinal herb from The Lord of the Rings, is designed to promote blood clotting and accelerate wound healing. Although the product has not yet received certification, plans are in place to seek approval through the FDA’s accelerated process. Should the regulator determine the product is sufficiently novel, approval may be granted within six months. Pilgrim notes the clay-based gauze could quickly seal wounds and save soldiers' lives.
Pilgrim is also developing two additional products: the Voyager inhaler, intended for protection against toxic agents, and the ARGUS system, which detects chemical and biological threats. The startup operates from a California-based office-laboratory staffed by a team of five.
According to Adler, the U.S. military represents a primary market for Pilgrim; however, the company aims to expand its reach into civilian applications over time. Adler expresses a vision to establish a "long-lasting institution" that serves both defense and everyday needs.