NanoHive Medical Nabs $7 Million in Series C Financing

NanoHive Medical LLC has secured $7 million in Series C funding to help foster further growth and future profitability. 

The company will use the money to expand its U.S. operations as well as the Hive portfolio of Soft Titanium spinal interbody fusion devices, the latter of which through product line extensions, product launches, and “smart” sensor implant delivery research and development. The Series C funding also will come in handy for helping NanoHive enter select international markets and expand strategic partnerships.

“The company is quite fortunate to have a group of investors that strongly support our team and technology who also bring a distinguished track record of building companies to and through profitability,” NanoHive CEO Patrick O’Donnell, stated. “The entire organization is excited to further execute on the company’s invigorated strategy aimed at broadening our Hive Soft Titanium portfolio’s successful clinical experiences with more patients and surgeons into more markets.”
 
Concurrent to the Series C Financing, the company has welcomed Greg Hoffman and David Scott to its Managing Directors Board. Hoffman is the managing partner of Hoffco Holdings and founding member of Portfolio Group while Scott was the cofounder and CEO of Xator Corporation and leads his family office that has investments in various industries. Both Hoffman and Scott are successful company-builders with significant operating expertise as well as investors in the company’s Series A, B, and C financing rounds. 

Hoffman and Scott join current Managing Directors Sami El-Saden, Ian Helmar (chief technology officer), and O’Donnell.

Outcome Capital was a strategic and financial advisor to NanoHive.
  
NanoHive Medical develops and manufactures 3D printed spinal interbody fusion implants and instrumentation. The company’s proprietary, biomimetic Soft Titanium technology and its Hive portfolio of interbody fusion devices provide surgeons and their patients ideal biomechanical elastic modulus properties, clear and precise diagnostic imaging capability, osteoblast cell attraction, and integration—features that lead to consistently strong fusion constructs and efficacious clinical experiences. NanoHive Medical is located in Woburn, Mass.