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Orthopedic startups secured a steady cadence of new funding in the second quarter. We tracked 11 announcements compared to 10 reports in 1Q24. The updates came from companies that represent all segments of orthopedics, and the funding will be used primarily to conduct clinical trials and expand commercialization efforts.
This article groups companies by the market segment that will be impacted the most by the investment.
Joint Replacement
Osteal Therapeutics Gains New Investors
Osteal Therapeutics completed an oversubscribed $50 million Series D preferred stock equity financing. Zimmer Biomet led the round, joined by returning investors Johnson & Johnson Innovation – JJDC, Inc., Gideon Strategic Partners and HM Capital.
Proceeds will support the development of Osteal’s portfolio of therapies, including the submission of a New Drug Application for, and accelerated commercial launch of, VT-X7 for the treatment of periprosthetic joint infection (PJI) of the hip and knee.
VT-X7 is a drug/device combination product designed to deliver therapeutic concentrations of vancomycin and tobramycin directly to the joint space and surrounding tissue to treat PJI. In clinical studies of VT-X7, 100% of patients were treated and received a new permanent joint implant in seven days with >90% remaining infection-free after one year. FDA has granted VT-X7 Breakthrough Therapy, Orphan Drug, Fast Track and Qualified Infectious Disease Product designations
restor3D Secures $70 Million in Funding
restor3d closed a $55 million Series A funding round led by private investors, including Summers Value Partners and existing investors, plus an additional $15 million in debt financing led by Trinity Capital.
The company plans to introduce new patient-specific implant systems for total ankle and shoulder replacement. In its patient-specific hip and knee portfolios, the company will continue to make product advancements including a porous press-fit knee enabled by 3D printing of both the tibial and femoral components.
restor3d will use the funding to expand its in-house 3D printing capabilities and capacity and invest in software, design automation and the advancement of medical education and training.
Spine
ReVivo Medical Closes Equity Offering
ReVivo Medical completed its most recent equity offering, raising an additional $1.3 million from its current investors. The funds will be used to complete the company’s clinical trial and petition FDA for clearance of its next-generation spinal implants.
Study participants receive ReVivo Medical’s anterior cervical plate and interbody cages used in 2-level anterior cervical discectomy and fusion procedures
“Attaining FDA clearance is the final step before offering a commercial product and this trial is our gateway to achieving this goal,” said Eric Ledet, Chief Operating Officer. “Thus far, we have conducted 33 of the 50 surgical procedures required for the completion of the clinical study.”
Viseon Completes Financing Round
Viseon completed an insider financing round that will enable further 4K-ADV product development and market expansion, focusing on several fronts where digitization of open and minimally invasive surgery can facilitate clinical and economic benefits. Deployment and adoption of Viseon technology continues in the spine market. Earlier this month, the company announced 2024 sales were up more than 22% compared to the same period in 2023.
Pete Davis, Viseon’s President and Chief Operating Officer, said, “We continue to hear that better visualization with our MaxView 4K technology equates to increased safety, better training, better ergonomics and improved workflow, improving overall OR efficiency. We continue refining resource management to streamline our investment priorities and broadening the applications for our newer technologies.”
Trauma
SLAM Receives Funding for Sensor System
SLAM Orthopedic, developer of advanced sensor systems for surgical applications, successfully raised a seed investment of €2 million (~USD $2.15 million).
The funds will be used to finalize the product development of SLAM Ortho’s flagship ADEPTH system for orthopedic and trauma surgery. The add-on sensor allows surgeons who treat patients with fractures to automatically measure and indicate the required implant size. ADEPTH removes manual steps and can save time during trauma surgery, improving the quality of care and prevent surgical waste.
The ADEPTH system is being validated in a first-in-human clinical trial. SLAM Ortho expects to introduce the system on the European market in mid-2025.
Sports Medicine
Integrity Orthopaedics Finalizes Series B
Integrity Orthopaedics closed on a Series B financing of $20.6 million. The capital will expand U.S. commercial launch of its initial product in the rotator cuff repair market.
The Integrity Orthopaedics system is designed to address the biggest unmet need in rotator cuff repairs, reducing the occurrence of cuff re-tears following surgical repair. The system was FDA-cleared in early 2023 and initially utilized by a small group of surgeons in a limited launch. This system uses patented micro-anchors, a continuous, locking stitch, a patented instrument for anchor installation and operative techniques to enable physicians to improve the fixation and healing of torn tendons.
Miach Closes Series B
Miach Orthopaedics closed a $20 million Series B extension financing round. Funds will support commercial expansion and clinical activities for the Bridge-Enhanced ACL Restoration (BEAR) Implant, which has been used to treat nearly 3,000 patients with anterior cruciate ligament (ACL) tears.
BEAR enables a torn ACL to heal and restores the natural function of the knee. It offers an alternative to the current standard of care – reconstruction that replaces the ACL with a graft.
The Major League Soccer Players Association, SV Health Investors and Aperture Venture Partners join existing investors Amzak Health, Smith+Nephew, DSM Venturing, Sectoral Asset Management, Endeavour Vision and the NFL Players Association in the extension round.
“This financing will enable continued growth of our commercial organization in the U.S., as well as support clinical initiatives like the Bridge Registry to provide important data on real-world patient outcomes,” said Patrick McBrayer, President and CEO, Miach Orthopaedics. “We are excited to welcome the MLSPA, whose investment demonstrates the potential of the BEAR Implant to be a game changer for professional athletes, as well as SV Health Investors and Aperture Venture Partners.”
Nanochon Closes Seed Round
Nanochon raised $4 million in its series seed prime fundraising round, led by The University of Virginia Licensing and Ventures Group Seed Fund, with participation from cultivate(MD), Alumni Venture Group and Mountain State Capital, among others,
The company has developed the Chondrograft device that allows for immediate weight-bearing and motion in the treatment of lost or damaged cartilage. Chondrograft requires only minimally invasive surgery to regrow damaged cartilage and bone and delays the need for full knee replacement.
Nanochon intends to use the funds to initiate its Phase I first in human clinical trials in the U.S. in 2024, deepen research and development efforts, expand the company’s patent profile and grow its team.
Orthobiologics
Locate Bio Announces Oversubscribed Funding Round
Locate Bio announced the completion of an oversubscribed £9.2 million (USD $11.5 million) funding round from both new investors and existing investors, Mercia Ventures and BGF. The proceeds will fund a clinical study of LDGraft, a bone graft substitute for spinal fusion.
Locate Bio combines decades of research in advanced drug delivery systems and utilizes a proprietary protein encapsulation method to deliver a powerful therapeutic protein called rhBMP-2. This is combined with an osteoconductive scaffold in LDGraft, which received FDA Breakthrough Device Designation in 2023.
“This oversubscribed funding round underscores the significant investor confidence in the company’s vision and the potential of LDGraft to become the most relied-on bone graft substitute globally,” said Locate Bio CEO John von Benecke. “With the rapidly aging global population, there is an urgent need for products that address chronic, progressive, and debilitating back pain.”
Theradaptive Awarded Funding
Theradaptive was awarded funding from the Maryland Stem Cell Research Fund (MSCRF) to support human clinical trials for its lead product, OsteoAdapt SP.
OsteoAdapt SP is a biologic-enhanced implant designed to stimulate anatomically precise local bone growth and promote rapid fusion following spinal surgery. It is currently in Phase I/II clinical studies for transforaminal lumbar interbody spinal fusion (TLIF) to treat degenerative disc disease, spondylolisthesis and retrolisthesis.
Theradaptive was granted an Investigational Device Exemption in January 2024 by FDA to begin its human clinical trial. This $1 million award from the MSCRF Clinical Program will enable the company to expand its OASIS human clinical study to sites in Maryland. Theradaptive also holds three Breakthrough Medical Device designations for various spine indications, including TLIF, ALIF and PLF.
Robotics
SpinEM Receives Funding from Spineart
SpinEM Robotics, a deep tech startup specializing in navigation solutions for robotic spinal surgery, closed a Series A2 funding round with a €10 million ($11 million) strategic investment from Spineart.
The companies will combine SpinEM Robotics’ navigation and robotic assistance technology with Spineart’s surgical solutions, focused on improved accuracy and elimination of reliance on 3D cameras in navigation and robotics.
This strategic investment not only strengthens SpinEM Robotics’ position in the market but also leverages synergies among SpinEM Robotics, Spineart and the eCential Robotics open platform.
“Led by industry visionary Stéphane Lavallée, SpinEM Robotics has developed groundbreaking technologies that will redefine the standard of care in navigated and robotically enabled spinal surgery,” said Stephane Morvan, CEO of SpinEM Robotics. “Our solutions seamlessly integrate human-robot interfaces, enhancing surgical precision and efficiency.”
Orthopedic startups secured a steady cadence of new funding in the second quarter. We tracked 11 announcements compared to 0 reports in 1Q24. The updates came from companies that represent all segments of orthopedics, and the funding will be used primarily to conduct clinical trials and expand commercialization efforts.
This article...
Orthopedic startups secured a steady cadence of new funding in the second quarter. We tracked 11 announcements compared to 10 reports in 1Q24. The updates came from companies that represent all segments of orthopedics, and the funding will be used primarily to conduct clinical trials and expand commercialization efforts.
This article groups companies by the market segment that will be impacted the most by the investment.
Joint Replacement
Osteal Therapeutics Gains New Investors
Osteal Therapeutics completed an oversubscribed $50 million Series D preferred stock equity financing. Zimmer Biomet led the round, joined by returning investors Johnson & Johnson Innovation – JJDC, Inc., Gideon Strategic Partners and HM Capital.
Proceeds will support the development of Osteal’s portfolio of therapies, including the submission of a New Drug Application for, and accelerated commercial launch of, VT-X7 for the treatment of periprosthetic joint infection (PJI) of the hip and knee.
VT-X7 is a drug/device combination product designed to deliver therapeutic concentrations of vancomycin and tobramycin directly to the joint space and surrounding tissue to treat PJI. In clinical studies of VT-X7, 100% of patients were treated and received a new permanent joint implant in seven days with >90% remaining infection-free after one year. FDA has granted VT-X7 Breakthrough Therapy, Orphan Drug, Fast Track and Qualified Infectious Disease Product designations
restor3D Secures $70 Million in Funding
restor3d closed a $55 million Series A funding round led by private investors, including Summers Value Partners and existing investors, plus an additional $15 million in debt financing led by Trinity Capital.
The company plans to introduce new patient-specific implant systems for total ankle and shoulder replacement. In its patient-specific hip and knee portfolios, the company will continue to make product advancements including a porous press-fit knee enabled by 3D printing of both the tibial and femoral components.
restor3d will use the funding to expand its in-house 3D printing capabilities and capacity and invest in software, design automation and the advancement of medical education and training.
Spine
ReVivo Medical Closes Equity Offering
ReVivo Medical completed its most recent equity offering, raising an additional $1.3 million from its current investors. The funds will be used to complete the company’s clinical trial and petition FDA for clearance of its next-generation spinal implants.
Study participants receive ReVivo Medical’s anterior cervical plate and interbody cages used in 2-level anterior cervical discectomy and fusion procedures
“Attaining FDA clearance is the final step before offering a commercial product and this trial is our gateway to achieving this goal,” said Eric Ledet, Chief Operating Officer. “Thus far, we have conducted 33 of the 50 surgical procedures required for the completion of the clinical study.”
Viseon Completes Financing Round
Viseon completed an insider financing round that will enable further 4K-ADV product development and market expansion, focusing on several fronts where digitization of open and minimally invasive surgery can facilitate clinical and economic benefits. Deployment and adoption of Viseon technology continues in the spine market. Earlier this month, the company announced 2024 sales were up more than 22% compared to the same period in 2023.
Pete Davis, Viseon’s President and Chief Operating Officer, said, “We continue to hear that better visualization with our MaxView 4K technology equates to increased safety, better training, better ergonomics and improved workflow, improving overall OR efficiency. We continue refining resource management to streamline our investment priorities and broadening the applications for our newer technologies.”
Trauma
SLAM Receives Funding for Sensor System
SLAM Orthopedic, developer of advanced sensor systems for surgical applications, successfully raised a seed investment of €2 million (~USD $2.15 million).
The funds will be used to finalize the product development of SLAM Ortho’s flagship ADEPTH system for orthopedic and trauma surgery. The add-on sensor allows surgeons who treat patients with fractures to automatically measure and indicate the required implant size. ADEPTH removes manual steps and can save time during trauma surgery, improving the quality of care and prevent surgical waste.
The ADEPTH system is being validated in a first-in-human clinical trial. SLAM Ortho expects to introduce the system on the European market in mid-2025.
Sports Medicine
Integrity Orthopaedics Finalizes Series B
Integrity Orthopaedics closed on a Series B financing of $20.6 million. The capital will expand U.S. commercial launch of its initial product in the rotator cuff repair market.
The Integrity Orthopaedics system is designed to address the biggest unmet need in rotator cuff repairs, reducing the occurrence of cuff re-tears following surgical repair. The system was FDA-cleared in early 2023 and initially utilized by a small group of surgeons in a limited launch. This system uses patented micro-anchors, a continuous, locking stitch, a patented instrument for anchor installation and operative techniques to enable physicians to improve the fixation and healing of torn tendons.
Miach Closes Series B
Miach Orthopaedics closed a $20 million Series B extension financing round. Funds will support commercial expansion and clinical activities for the Bridge-Enhanced ACL Restoration (BEAR) Implant, which has been used to treat nearly 3,000 patients with anterior cruciate ligament (ACL) tears.
BEAR enables a torn ACL to heal and restores the natural function of the knee. It offers an alternative to the current standard of care – reconstruction that replaces the ACL with a graft.
The Major League Soccer Players Association, SV Health Investors and Aperture Venture Partners join existing investors Amzak Health, Smith+Nephew, DSM Venturing, Sectoral Asset Management, Endeavour Vision and the NFL Players Association in the extension round.
“This financing will enable continued growth of our commercial organization in the U.S., as well as support clinical initiatives like the Bridge Registry to provide important data on real-world patient outcomes,” said Patrick McBrayer, President and CEO, Miach Orthopaedics. “We are excited to welcome the MLSPA, whose investment demonstrates the potential of the BEAR Implant to be a game changer for professional athletes, as well as SV Health Investors and Aperture Venture Partners.”
Nanochon Closes Seed Round
Nanochon raised $4 million in its series seed prime fundraising round, led by The University of Virginia Licensing and Ventures Group Seed Fund, with participation from cultivate(MD), Alumni Venture Group and Mountain State Capital, among others,
The company has developed the Chondrograft device that allows for immediate weight-bearing and motion in the treatment of lost or damaged cartilage. Chondrograft requires only minimally invasive surgery to regrow damaged cartilage and bone and delays the need for full knee replacement.
Nanochon intends to use the funds to initiate its Phase I first in human clinical trials in the U.S. in 2024, deepen research and development efforts, expand the company’s patent profile and grow its team.
Orthobiologics
Locate Bio Announces Oversubscribed Funding Round
Locate Bio announced the completion of an oversubscribed £9.2 million (USD $11.5 million) funding round from both new investors and existing investors, Mercia Ventures and BGF. The proceeds will fund a clinical study of LDGraft, a bone graft substitute for spinal fusion.
Locate Bio combines decades of research in advanced drug delivery systems and utilizes a proprietary protein encapsulation method to deliver a powerful therapeutic protein called rhBMP-2. This is combined with an osteoconductive scaffold in LDGraft, which received FDA Breakthrough Device Designation in 2023.
“This oversubscribed funding round underscores the significant investor confidence in the company’s vision and the potential of LDGraft to become the most relied-on bone graft substitute globally,” said Locate Bio CEO John von Benecke. “With the rapidly aging global population, there is an urgent need for products that address chronic, progressive, and debilitating back pain.”
Theradaptive Awarded Funding
Theradaptive was awarded funding from the Maryland Stem Cell Research Fund (MSCRF) to support human clinical trials for its lead product, OsteoAdapt SP.
OsteoAdapt SP is a biologic-enhanced implant designed to stimulate anatomically precise local bone growth and promote rapid fusion following spinal surgery. It is currently in Phase I/II clinical studies for transforaminal lumbar interbody spinal fusion (TLIF) to treat degenerative disc disease, spondylolisthesis and retrolisthesis.
Theradaptive was granted an Investigational Device Exemption in January 2024 by FDA to begin its human clinical trial. This $1 million award from the MSCRF Clinical Program will enable the company to expand its OASIS human clinical study to sites in Maryland. Theradaptive also holds three Breakthrough Medical Device designations for various spine indications, including TLIF, ALIF and PLF.
Robotics
SpinEM Receives Funding from Spineart
SpinEM Robotics, a deep tech startup specializing in navigation solutions for robotic spinal surgery, closed a Series A2 funding round with a €10 million ($11 million) strategic investment from Spineart.
The companies will combine SpinEM Robotics’ navigation and robotic assistance technology with Spineart’s surgical solutions, focused on improved accuracy and elimination of reliance on 3D cameras in navigation and robotics.
This strategic investment not only strengthens SpinEM Robotics’ position in the market but also leverages synergies among SpinEM Robotics, Spineart and the eCential Robotics open platform.
“Led by industry visionary Stéphane Lavallée, SpinEM Robotics has developed groundbreaking technologies that will redefine the standard of care in navigated and robotically enabled spinal surgery,” said Stephane Morvan, CEO of SpinEM Robotics. “Our solutions seamlessly integrate human-robot interfaces, enhancing surgical precision and efficiency.”
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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.
