Vertos Medical Secures $26 Million in Series C Funding

Vertos Medical Inc. has raised $26 million in an oversubscribed Series C equity funding round led by new investor Norwest Venture Partners and participation from existing backers, including Pitango Venture Capital. 
 
“We are thrilled to have Norwest join our investor group,” Vertos Medical President/CEO Eric Wichems said. “Their proven track record of driving success in commercial-stage companies makes them an invaluable asset to our team. With their support, we are confident in our ability to accelerate our commercial expansion and achieve our goal of making the mild Procedure accessible to every patient suffering from LSS in the United States.” 
 
In addition to expanding patient access to the mild Procedure, the funding will support R&D efforts aimed at advancing care for patients with chronic low back pain. By investing in these critical areas, Vertos is poised to impact the lives of patients suffering from LSS and chronic low back pain.
 
Vertos claims it is experiencing a significant increase in demand for its procedure, with more than 70,000 U.S. patients having been treated. The company’s 348% revenue growth between 2018 and 2021 led Deloitte to rank the company #384 on its Deloitte Technology Fast 500 list in November 2022.   
 
Dr. Zack Scott, general partner at Norwest Venture Partners, will join Vertos’ Board of Directors. Scott has extensive experience helping medical technology companies scale such as Cianna Medical, Coherex Medical, Evidation Health, Providence Medical Technology, Respicardia, Spiration, and Syapse. 
 
“Lumbar spinal stenosis impacts one in five Americans over the age of 60 and Vertos’ procedure can help restore mobility and greatly improve the quality of life for these patients,” Scott stated. “Vertos directly aligns with our goal of partnering with companies that are focused on making a meaningful impact on patient outcomes and improving the healthcare system for all stakeholders. We look forward to working with the Vertos team as they continue their mission to help patients suffering from chronic low back pain reclaim their quality of life.” 
 
Aliso Viejo, Calif.-based Vertos Medical is an interventional pain company developing minimally invasive treatments for lumbar spinal stenosis (LSS). mild, its proprietary technology, is an image-guided outpatient procedure that removes a major root cause of lumbar spinal stenosis (LSS) through an incision smaller than the size of baby aspirin and does not require implants, general anesthesia, or stitches. The mild Procedure has been clinically demonstrated to have safety outcomes similar to injections with durability out to five years, and patients typically return to activities of daily living within 24 hours with no restrictions. mild is nationally covered by Medicare.  
 
Norwest is a venture and growth equity investment firm managing more than $12.5 billion in capital. Since its inception, Norwest has invested in more than 650 companies and currently partners with more than 200 companies in its venture and growth equity portfolio. The firm invests in early- to late-stage businesses across a wide range of sectors with a focus on consumer, enterprise, and healthcare. The Norwest team offers a deep network of connections, operating experience, and a wide range of services to help CEOs and founders scale their businesses. Norwest has offices in Menlo Park, Calif., and San Francisco, with subsidiaries in India and Israel.