SpineVision Completes New Round of Funding
French company SpineVision SA, a medical device company that makes surgical products for spine, has received $10 million in new capital from new and existing investors. New investor Omega Funds led this round of financing.
The company’s last major round of financing was completed in July 2011, when it raised $5 million.
SpineVision intends to use the proceeds to expand its commercial operations primarily in the U.S. market, but also in Europe. The money will also go toward strengthening the company’s research and development efforts and improving the traditional supply chain model.
“Welcoming Omega, Alto Invest and Midi Capital as investors in a substantial capital increase is a key milestone in our development,” said SpineVision CEO Arnaud Brisard. “We now have resources to accelerate the expansion of SpineVision with the objective to further grow our revenue base and achieve sustainable profitability. The present topline growth validates the product strategy implemented since 2009, and this capital increase will accelerate the development of new innovative product lines.”
“The management team has, since 2009, built an innovative product portfolio and achieved significant commercial success with limited financial resources,” added Renee Aguiar-Lucander, a London-based partner at Omega Funds. “We believe the company will now enter a key growth phase, and we look forward to working with the team to take the company to the next level.”
SpineVision was founded in 1999. Recently, the company received the CE mark for its Flex+2 dynamic stabilization rod for spine and 510(k) clearance from the U.S. Food and Drug Administration for a range of surgical instrumentation focused on a minimally invasive approach to treating conditions related to aging and degeneration of the spine. The company’s U.S. offices are located in Sausalito, Calif.
Lead investor Omega Funds is an international healthcare-focused investment firm specialized in providing partial or complete liquidity solutions for healthcare venture and growth equity investors, as well as for corporations and institutions investing in the broader healthcare space. It has offices in London, United Kingdom, and Boston, Mass.