Elevation Spine Closes an $11 Million Series B Financing Round

Elevation Spine Inc. is $11 million richer, having completed a Series B Preferred Stock financing led by Technology Venture Partners (TVP). Other support came from Mutual Capital Partners as well as existing investors.

“Elevation Spine welcomes TVP and MCP to our team of investors,“ Elevation Spine CEO Charles Gilbride said. “This funding provides Elevation Spine with the capital to build out a full commercial team and expand the use of the Saber-C system. We will concurrently develop additional products utilizing Saber Technology to establish Saber as the leading platform technology in spinal fusions.”

As a result of the funding round, the company appointed TVP executives Donald Bossi and Bryson Hollimon to its Board of Directors.

“We are excited to support the Elevation Spine team at this critical growth stage. Saber Technology is an important advancement in spinal fusion technologies,” Bossi said. “It allows surgeons to access hard-to-reach areas of the spine more easily and with fewer procedural steps. This differentiated technology provides significant advantages to the surgeon and the patient over current technologies and has a very exciting future.”
 
Elevation Spine plans to use the money to ramp up commercial production of Saber-C as well as support the development of future product extensions of the Saber Technology platform. 
 
Elevation Spine is develops integrated-fixation spinal technologies. Its proprietary Saber Technology platform is a differentiated approach to traditional spinal systems, focusing on improving patient outcomes. 
 
Technology Venture Partners focuses on growth equity investments. It leverages its financial expertise, industry knowledge, and strategic insight to guide entrepreneurs and company leaders into positions of strength. TVP’s team of principals has more than 50 years of successful venture-investing experience, including direct involvement in more than $25 billion of transactions for technology companies. 
 
Mutual Capital Partners is a Cleveland-based growth equity fund investing in rapidly growing healthcare software and medical device companies. MCP’s key focus is management, and the firm works closely with portfolio companies and the entrepreneurs who lead them, providing customer introductions and ongoing advice and counsel.