Shoulder Innovations, a developer of shoulder replacement systems, has secured $2.5m in series A equity funding led by Ann Arbor-based Michigan Angel Fund, Grand Rapids-based Wakestream Ventures, Genesis Innovation Group, cultivate(MD) and other equity holders.
Michigan Angel Fund managing director Skip Simms said: “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.”
More than 100,000 patients receive shoulder replacement surgery each year, with demand increasing ten percent annually. An increasing prevalence of shoulder arthritis, combined with the aging Baby Boomer population is driving the growth of the global shoulder arthroplasty market, which is valued at more than $1bn and is expected to double by 2023.
Shoulder Innovations is positioned advantageously within the market with a straightforward surgical technique, highly stable implant, and streamlined instrumentation, which provides opportunity for improved operating room performance.
The $2.5m investment will be used to fuel new product development, and to acquire inventory and assets to accelerate growth of its current Inset platform technology, which serves as a foundational platform on which many future products and systems are in development. The long-term vision of Shoulder Innovations is to offer a complete leading technology shoulder arthroplasty product line.
Shoulder Innovations executive chairman Rob Ball said: “Shoulder Innovations has made excellent progress in both its commercial growth and its innovative development initiatives over the past several 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.”
Source: Company Press Release