Circinus Medical Technology executed the initial closing on its Series A financing. The funding will support commercialization of the company’s disruptive Bolt Navigation System in the U.S., Europe and select emerging markets, continued expansion of its portfolio of applications, development of additional disruptive solutions based on cutting edge technologies, and growth of intellectual property.
The Bolt Navigation System offers a remarkably accurate, easy to use, economic spine
navigation solution. It utilizes an iOS device, with its high-powered processor, familiar user interface, and highly sensitive gyroscope-on-chip™ technology to support the efficient and effective placement of spine fixation with sub-1 mm accuracy. Its near zero footprint, instrument agnostic design, ability to utilize standard imaging and subscription business model makes it ideal for today’s evolving global market.
The round was led and fully subscribed by Grand Oaks Capital, the family office of Paychex founder Tom Golisano. Grand Oaks Capital’s Chief Investment Officer Dave Bovenzi will join the company’s board.
“Our seed investors allowed us to make significant progress in laying the foundation for success over the past 18 months,” said Patrick West, Circinus Medical's CEO. “Having Grand Oaks as a partner will allow us to commercialize the Bolt System in multiple markets and grow our portfolio of mobile navigation solutions. Having a leader like Mr. Golisano behind the company gives us tremendous confidence as it provides access to the necessary resources to execute on our plan to bring smaller, faster, safer and more accurate navigation solutions to skilled surgeons in any setting, anyplace in the world.”
Mr. Bovenzi said, “this is exactly the type of disruptive technology we are excited to get behind. Mr. Golisano invests in teams and technologies that he knows can win. We also find the fact that the Bolt technology will bring best in class surgical navigation to the world, not just to the richest hospitals, in the richest countries, particularly compelling. It is the rare opportunity to do well and do good and are completely committed to the company’s success.”
Source: Circinus Medical Technology