Medical device startup raises $2.5M
A startup in the region that develops shoulder replacement systems has closed a $2.5-million Series A venture funding round.
Holland-based Shoulder Innovations said today it received the funding from Ann Arbor-based Michigan Angel Fund, Grand Rapids-based Wakestream Ventures, Holland-based Genesis Innovation Group and its cultivate(MD) fund and other "equity holders."
“It is impressive that the team at Shoulder Innovations has developed truly cutting-edge and disruptive products in the orthopedic space, and they have done so in a capital-efficient manner, which we love to see,” said Skip Simms, managing director, Michigan Angel Fund.
Rob Ball, executive chair of Shoulder Innovations, said the startup has “made excellent progress” in its growth and product development over the past few quarters.
“We are extremely excited by the continued support and encouragement from our investment partners to continue this work, which will significantly impact the lives of many,” Ball said.
The $2.5-million investment will be used to fuel new product development and to acquire inventory and assets to accelerate the growth of Shoulder Innovations’ "inset" platform technology.
More than 100,000 patients receive shoulder replacement surgery each year, with demand increasing by 10 percent annually, according to Shoulder Innovations.
The global shoulder arthroplasty, or shoulder joint repair, market is valued at more than $1 billion and is expected to double by 2023, Shoulder Innovations said.
Founded in 2009 by Dr. Steve Gunther and the Ann Arbor-based venture capital firm EDF Ventures, Shoulder Innovations is a medical device development startup that designs and commercializes products, including the patented Total Shoulder Replacement System.
The system’s inset technology is designed to significantly reduce glenoid implant micro-motion and loosening, while simplifying the surgical technique, potentially reducing complications and increasing implant longevity.