According to federal filings, Accelerated Orthopedic Technologies (AOT) has raised $150,000 in debt financing from a $400,000 offering from two investors. The Guilford, Conn.-based company is funded by Elm Street Ventures, a firm specializing in life sciences and green technology. Elm Street partner Tom Wood is the start-up CEO of AOT.
Incorporated in 2009, when it was still known as Advanced Orthopedic Technologies, AOT is commercializing a new approach to repairing cartilage lesions of the ankle and knee with allograft material or autografts using joints in the foot.
This surgical approach was pioneered by John Reach, M.D., head of the Foot and Ankle Division of Orthopedics at Yale University, New Haven, Conn.
Wood has 30 years of medical device experience, 17 of which were with the United States Surgical Corporation. There, he served in various positions including vice president and general manager of the Life Sciences Division and vice president of market strategies. He has founded several companies: Insulet Corp., Applied Spine Technologies, and Cardio Photonics. The latter two were born out of Yale, and Wood raised the venture capital himself. Wood co-founded AOT and remains on the board.
The filing is AOT’s second, the first one having been filed in 2009 for the receipt of $250,000 from one investor. The company is developing proprietary tools for its cartilage repair approach.