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Orthopedic funding announcements in 1Q24 came from familiar names and supported well-backed markets like spine and enabling technology. Six of the capital raises will assist with the commercialization of implants, including patient-specific applications and bone graft substitutes. The other four will help with the development of robotic and navigation systems.
This article orders the announcements by the amount of capital raised. A few companies noted new investment partners, but did not disclose funding amounts.
MMI Closes Series C for Robotic Technology
MMI (Medical Microinstruments, Inc.) raised $110 million in Series C financing. Funds will support the commercialization of the Symani Surgical System in high-growth markets and investment in studies that generate clinical evidence and enable indication expansion. Investments will also accelerate advanced technology capabilities and allow MMI to scale its operational capabilities globally.
Symani robotic technology addresses the scale and complexities of microsurgery and supermicrosurgery. By allowing surgeons to replicate the natural movements of the human hand at microscale, the system can expand treatment options for patients in need of soft tissue and open surgical procedures, such as free flap reconstruction and trauma replantation.
Symani Surgical System received CE Mark approval in 2019. MMI is accelerating plans to commercialize in the U.S. and Asia Pacific.
Carlsmed Closes Series C to Support Spine Platform
Carlsmed closed a $52.5 million Series C funding round that was co-led by B Capital and U.S. Venture Partners. Proceeds will support further commercialization of the aprevo personalized spine surgery platform for lumbar fusion procedures and the development of an aprevo device for cervical fusion. The cervical device is expected to launch in 2025.
Carlsmed received Breakthrough Device Designation from FDA for aprevo lumbar and cervical patient-specific interbody fusion devices. The implantable devices and software platforms are FDA-cleared for lumbar spine fusion, including anterior, lateral and transforaminal approaches.
Synergy Spine Raises Equity Financing to Support New Artificial Disc
Synergy Spine Solutions closed a Series A equity financing of $30 million to support its cervical artificial disc. Proceeds will be used to complete enrollment of Synergy’s U.S. IDE 2-level clinical trial, perform patient follow-up on 1-level and 2-level clinical trials, review Premarket Approval applications and continue ex-U.S. commercialization of the company’s cervical disc.
Enrollment for the Synergy Disc 1-level IDE trial was completed in June 2023. The 2-level trial is a multicenter, prospective, non-randomized, historically controlled study that will evaluate the safety and effectiveness of the Synergy Disc vs. anterior cervical discectomy and fusion for the treatment of degenerative disc disease in subjects that are symptomatic at two contiguous vertebral levels from C3 to C7.
icotec Raises Funds to Support Development of Spine Oncology Implants
icotec raised $30 million in growth financing and established a strategic partnership with venture capital firm MVM Partners to commercialize BlackArmor Carbon/PEEK products.
BlackArmor products may offer significant clinical advantages over traditional metal implants in spine oncology. BlackArmor products received FDA clearance in 2019 and have since been adopted by designated U.S. cancer centers. This investment will enable icotec to expand its portfolio to include underserved indications of spinal infection and osteoporosis.
Accelus Receives Investment to Accelerate Growth
Accelus received a significant financial investment through a $20 million debt facility. This strategic funding will support aggressive salesforce expansion into previously underpenetrated markets and accelerate the company’s clinical research and product development efforts, especially around its FlareHawk and Toro expandable interbody fusion systems.
The funding will also bolster Accelus’ renewed focus on its Adaptive Geometry technology, an advanced feature of its flagship FlareHawk Interbody Fusion System, by facilitating additional clinical studies and data collection that is expected to reinforce the clinical efficacy of the system.
Pixee Medical Secures Capital to Accelerate U.S. and APAC Expansion
Pixee Medical secured a $15 million capital raise to accelerate development in the U.S. and launch its next generation of products. Pixee Medical markets navigation solutions for knee replacement and shoulder replacement that leverage augmented reality and mixed reality, respectively.
The capital will play a key role in the company’s growth strategy, including opening a subsidiary in the U.S. and an office in Singapore to spur regional growth, deploying a new range of AR navigation platforms and recruiting new talent to support growth.
Bone Biologics Goes Public
Bone Biologics raised total gross proceeds of $2.0 million through an initial public offering (IPO). Net proceeds from the IPO will fund clinical trials, maintain and extend its patent portfolio and support working capital and other corporate purposes.
NELL-1 is a recombinant human protein that Bone Biologics licensed through a technology transfer agreement with the UCLA Technology Development Group. NELL-1 combined with demineralized bone matrix forms the product candidate NB1. In 2023, the company received approval to commence a multicenter pilot clinical trial to evaluate the NB1 bone graft in Australia.
Bone Biologics is working with select strategic partners to build on the preclinical research of the Nell-1 protein. The company’s development efforts are focused on its bone graft substitute product for bone regeneration in spinal fusion procedures, but it also maintains rights to trauma and osteoporosis applications.
Haventure Startups Raise Seed Money for Surgical Robotic Systems
Haventure, an accelerator specializing in surgical robotics, announced that seven startups in its ecosystem have partnered to raise €450,000 (~USD $490,000) for each company. The startups have targeted business models that address unmet clinical needs in the medtech and robotics space, leveraging the ecosystem of a regional hub in digital surgery and surgical robotics.
Five of the companies focus on orthopedics and spine surgery.
· Extremis Robotics is developing a robotic application for total ankle replacement and other foot indications.
· KAT Robotics is developing a robotic application with interactive power tool control for orthopedic applications.
· LinkX Robotics is developing an innovative solution with 3D planning and robotics technology to address knee ligament injuries precisely.
· Ostesys is developing an innovative solution with imaging, planning and robotics technologies for osteotomies around the knee.
· SpinEM Robotics is developing a next-generation robotic spinal surgery system.
Haventure leadership has led successful market launches and company exits, including Blue Ortho, Imascap, Orthotaxy, Johnson & Johnson Velys Surgical System and eCential Robotics.
Bolt Navigation Closes Series B to Support Commercialization
Bolt Navigation closed its Series B financing. The capital will be used to support commercialization of the Bolt Navigation System in the U.S., EU and other markets, ongoing and new clinical studies and expansion of the platform into additional indications.
Bolt Navigation utilizes an iOS device with a high-powered processor, familiar user interface and highly sensitive gyroscope-on-chip technology to support efficient and effective placement of posterior spine fixation. The handheld navigation system has a near-zero footprint, instrument-agnostic design, ability to utilize standard imaging and a subscription business model, making it suitable for an evolving surgical market.
MotioOV Receives Funding for 3D-Printed Foot Implant
MotioOV received an undisclosed investment from OrthoVentions. The early-stage company, created in partnership with the Hospital for Special Surgery (HSS), is developing a novel 3D-printed implant and custom instruments to address stiffness and pain associated with arthritis of the first metatarsophalangeal (MTP) joint. The company will be funded to complete product development and an initial commercial launch of the product, which is meant to preserve motion as opposed to joint fusion.
MotioOV was founded by Holly Johnson, M.D., and Constantine Demetracopoulos, M.D., both foot and ankle surgeons at HSS. The doctors noted that the implant is meant to minimize insult to the bone and surrounding soft tissue while promoting stability. Image-driven design and additive manufacturing will be leveraged to optimize bone in-growth and procedure-specific instruments to deliver reproducible surgical plans.
Orthopedic funding announcements in 1Q24 came from familiar names and supported well-backed markets like spine and enabling technology. Six of the capital raises will assist with the commercialization of implants, including patient-specific applications and bone graft substitutes. The other four will help with the development of robotic and...
Orthopedic funding announcements in 1Q24 came from familiar names and supported well-backed markets like spine and enabling technology. Six of the capital raises will assist with the commercialization of implants, including patient-specific applications and bone graft substitutes. The other four will help with the development of robotic and navigation systems.
This article orders the announcements by the amount of capital raised. A few companies noted new investment partners, but did not disclose funding amounts.
MMI Closes Series C for Robotic Technology
MMI (Medical Microinstruments, Inc.) raised $110 million in Series C financing. Funds will support the commercialization of the Symani Surgical System in high-growth markets and investment in studies that generate clinical evidence and enable indication expansion. Investments will also accelerate advanced technology capabilities and allow MMI to scale its operational capabilities globally.
Symani robotic technology addresses the scale and complexities of microsurgery and supermicrosurgery. By allowing surgeons to replicate the natural movements of the human hand at microscale, the system can expand treatment options for patients in need of soft tissue and open surgical procedures, such as free flap reconstruction and trauma replantation.
Symani Surgical System received CE Mark approval in 2019. MMI is accelerating plans to commercialize in the U.S. and Asia Pacific.
Carlsmed Closes Series C to Support Spine Platform
Carlsmed closed a $52.5 million Series C funding round that was co-led by B Capital and U.S. Venture Partners. Proceeds will support further commercialization of the aprevo personalized spine surgery platform for lumbar fusion procedures and the development of an aprevo device for cervical fusion. The cervical device is expected to launch in 2025.
Carlsmed received Breakthrough Device Designation from FDA for aprevo lumbar and cervical patient-specific interbody fusion devices. The implantable devices and software platforms are FDA-cleared for lumbar spine fusion, including anterior, lateral and transforaminal approaches.
Synergy Spine Raises Equity Financing to Support New Artificial Disc
Synergy Spine Solutions closed a Series A equity financing of $30 million to support its cervical artificial disc. Proceeds will be used to complete enrollment of Synergy’s U.S. IDE 2-level clinical trial, perform patient follow-up on 1-level and 2-level clinical trials, review Premarket Approval applications and continue ex-U.S. commercialization of the company’s cervical disc.
Enrollment for the Synergy Disc 1-level IDE trial was completed in June 2023. The 2-level trial is a multicenter, prospective, non-randomized, historically controlled study that will evaluate the safety and effectiveness of the Synergy Disc vs. anterior cervical discectomy and fusion for the treatment of degenerative disc disease in subjects that are symptomatic at two contiguous vertebral levels from C3 to C7.
icotec Raises Funds to Support Development of Spine Oncology Implants
icotec raised $30 million in growth financing and established a strategic partnership with venture capital firm MVM Partners to commercialize BlackArmor Carbon/PEEK products.
BlackArmor products may offer significant clinical advantages over traditional metal implants in spine oncology. BlackArmor products received FDA clearance in 2019 and have since been adopted by designated U.S. cancer centers. This investment will enable icotec to expand its portfolio to include underserved indications of spinal infection and osteoporosis.
Accelus Receives Investment to Accelerate Growth
Accelus received a significant financial investment through a $20 million debt facility. This strategic funding will support aggressive salesforce expansion into previously underpenetrated markets and accelerate the company’s clinical research and product development efforts, especially around its FlareHawk and Toro expandable interbody fusion systems.
The funding will also bolster Accelus’ renewed focus on its Adaptive Geometry technology, an advanced feature of its flagship FlareHawk Interbody Fusion System, by facilitating additional clinical studies and data collection that is expected to reinforce the clinical efficacy of the system.
Pixee Medical Secures Capital to Accelerate U.S. and APAC Expansion
Pixee Medical secured a $15 million capital raise to accelerate development in the U.S. and launch its next generation of products. Pixee Medical markets navigation solutions for knee replacement and shoulder replacement that leverage augmented reality and mixed reality, respectively.
The capital will play a key role in the company’s growth strategy, including opening a subsidiary in the U.S. and an office in Singapore to spur regional growth, deploying a new range of AR navigation platforms and recruiting new talent to support growth.
Bone Biologics Goes Public
Bone Biologics raised total gross proceeds of $2.0 million through an initial public offering (IPO). Net proceeds from the IPO will fund clinical trials, maintain and extend its patent portfolio and support working capital and other corporate purposes.
NELL-1 is a recombinant human protein that Bone Biologics licensed through a technology transfer agreement with the UCLA Technology Development Group. NELL-1 combined with demineralized bone matrix forms the product candidate NB1. In 2023, the company received approval to commence a multicenter pilot clinical trial to evaluate the NB1 bone graft in Australia.
Bone Biologics is working with select strategic partners to build on the preclinical research of the Nell-1 protein. The company’s development efforts are focused on its bone graft substitute product for bone regeneration in spinal fusion procedures, but it also maintains rights to trauma and osteoporosis applications.
Haventure Startups Raise Seed Money for Surgical Robotic Systems
Haventure, an accelerator specializing in surgical robotics, announced that seven startups in its ecosystem have partnered to raise €450,000 (~USD $490,000) for each company. The startups have targeted business models that address unmet clinical needs in the medtech and robotics space, leveraging the ecosystem of a regional hub in digital surgery and surgical robotics.
Five of the companies focus on orthopedics and spine surgery.
· Extremis Robotics is developing a robotic application for total ankle replacement and other foot indications.
· KAT Robotics is developing a robotic application with interactive power tool control for orthopedic applications.
· LinkX Robotics is developing an innovative solution with 3D planning and robotics technology to address knee ligament injuries precisely.
· Ostesys is developing an innovative solution with imaging, planning and robotics technologies for osteotomies around the knee.
· SpinEM Robotics is developing a next-generation robotic spinal surgery system.
Haventure leadership has led successful market launches and company exits, including Blue Ortho, Imascap, Orthotaxy, Johnson & Johnson Velys Surgical System and eCential Robotics.
Bolt Navigation Closes Series B to Support Commercialization
Bolt Navigation closed its Series B financing. The capital will be used to support commercialization of the Bolt Navigation System in the U.S., EU and other markets, ongoing and new clinical studies and expansion of the platform into additional indications.
Bolt Navigation utilizes an iOS device with a high-powered processor, familiar user interface and highly sensitive gyroscope-on-chip technology to support efficient and effective placement of posterior spine fixation. The handheld navigation system has a near-zero footprint, instrument-agnostic design, ability to utilize standard imaging and a subscription business model, making it suitable for an evolving surgical market.
MotioOV Receives Funding for 3D-Printed Foot Implant
MotioOV received an undisclosed investment from OrthoVentions. The early-stage company, created in partnership with the Hospital for Special Surgery (HSS), is developing a novel 3D-printed implant and custom instruments to address stiffness and pain associated with arthritis of the first metatarsophalangeal (MTP) joint. The company will be funded to complete product development and an initial commercial launch of the product, which is meant to preserve motion as opposed to joint fusion.
MotioOV was founded by Holly Johnson, M.D., and Constantine Demetracopoulos, M.D., both foot and ankle surgeons at HSS. The doctors noted that the implant is meant to minimize insult to the bone and surrounding soft tissue while promoting stability. Image-driven design and additive manufacturing will be leveraged to optimize bone in-growth and procedure-specific instruments to deliver reproducible surgical plans.
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Carolyn LaWell is ORTHOWORLD's Chief Content Officer. She joined ORTHOWORLD in 2012 to oversee its editorial and industry education. She previously served in editor roles at B2B magazines and newspapers.
