Zyga Technology Announces $25 Million Venture Financing

Zyga Technology Inc. has received $25 million in series C financing, led by new investor Versant Ventures Inc. of Menlo Park, Calif. Existing financiers Split Rock Partners LLC, Domain Associates LLC, and MB Venture Partners LLC from previous rounds of financing are contributing once again. With this investment, Versant Ventures managing director Kirk Nielsen will join Zyga’s board of directors.

Nielsen specializes in medical device investing at Versant and has more than a decade of venture capital and operating experience. Nielsen joined Versant from Medtronic Inc., where he was a sales representative in the company’s Cardiac Rhythm Management division. Previously, he worked in marketing and business development for Medtronic and Fluidigm Corporation (a Versant portfolio company). He also has served as a strategy consultant at Bain & Company, where he advised clients in healthcare, private equity, and other industries. Prior to his business career, Nielsen was a professional hockey player for the Boston Bruins during the 1997-98 season.

“We are thrilled to have the support of Versant in this critical round of financing. Having Kirk on our board will provide us with additional guidance as we navigate both the commercial strategy for our SImmetry Sacroiliac Joint Fusion System and the rigors of clinical trials for the Glyder facet resurfacing product,” said Jim Bullock, president and CEO of Zyga.

SImmetry is a device system designed to relieve lower back pain originating in the sacroiliac joint. It has been approved by the U.S. Food and Drug Administration for commercialization. Glyder is a minimally invasive, non-fusion therapy under development for resurfacing facet joints.

“These funds will allow us to focus on building sales, marketing, and clinical efforts to commercialize this new technology,” said Bullock. “I am very encouraged with the preliminary European clinical trial results of Glyder, our facet resurfacing device. This funding will help expand our clinical efforts, which will ultimately serve to gain CE Mark and U.S. trial approval.”

Based in Minneapolis, Minn., Zyga Technology develops and markets minimally invasive surgical spinal solutions. The company was founded in 2008.