NanoHive Medical Announces $7 Million Series C Financing

NanoHive Medical announced a $7 million Series C Financing to support the company’s rapid growth with a priority on company-building to profitability. Outcome Capital served as Strategic and Financial Advisor to NanoHive.

The primary use-of-proceeds includes expanding the U.S. commercial organization; expanding the company’s Hive™ portfolio of Soft Titanium® spinal interbody fusion devices by way of product line-extensions, product launches, and “smart” sensor implant delivery research and development; entering select international markets; and expanding strategic partnerships.

NanoHive’s CEO, Patrick O’Donnell, states: “The company is quite fortunate to have a group of investors that strongly support our team and technology who also bring a distinguished track record of building companies to and through profitability. The entire organization is excited to further execute on the company’s invigorated strategy aimed at broadening our Hive™ Soft Titanium® portfolio’s successful clinical experiences with more patients and surgeons into more markets.”

Concurrent to the Series C Financing, the company is pleased to welcome Greg Hoffman and David Scott to the company’s Managing Directors Board. Mr. Hoffman is the Managing Partner of Hoffco Holdings and founding member of Portfolio Group. Mr. Scott was the cofounder and CEO of Xator Corporation and leads his family office that has investments in a broad range of industries. Both Mr. Hoffman and Mr. Scott are successful company-builders with significant operating expertise as well as investors in the company’s Series A, B, and C financing rounds. Mr. Hoffman and Mr. Scott will join current Managing Directors Sami El-Saden, Ian Helmar (Chief Technology Officer), and Patrick O’Donnell (Chief Executive Office).

Source: NanoHive Medical LLC