Norfolk Virginia-based Embody, Inc., a medical device company focused on soft tissue repair, has closed a $9.3 million Series A funding round. The financing was led by Litigit LLC, with participation from Cultivate(MD) and 757 Angels.
Founded in 2014, Embody is developing a “next generation regenerative platform for the repair of tendon and ligament injuries.” Its mission “is to improve quality of life for traumatic and sports injury patients by providing regenerative products that promote faster healing and restore pre-injury performance” to the over 2 million patients who are affected by soft tissue injuries each year in the United States.
Embody utilizes collagen-based bio-fabrication techniques and products—”regenerative scaffolds that will resorb into the body.”
Embody’s initial focus is the sports medicine market, which is expected to reach $9 billion by 2024. Specifically, the company is focused on what it feels to be the most pressing patient needs: Achilles tendon, rotator cuff, and knee ligament repair, including anterior cruciate ligament (ACL).
Jeff Conroy, Embody’s co-founder and CEO, said of the funding round, “This financing represents a significant step in the growth of Embody. We are now in a position to execute on our goals of commercializing Tapestry, our first in a series of soft-tissue repair products for Achilles, rotator cuff and knee ligament injuries.”
Rob Brown, Embody chief commercial officer, told OTW, “The investment will enable us to build out our commercial organization as we prepare to launch TAPESTRY® into the foot and ankle market for Achilles repair in H2 of 2020, followed by our TAPESTRY RCR system for rotator cuff.” Brown continued, “Our focus will be gathering clinical data to demonstrate outcomes while reducing the cost of care.”
Embody previously received $20 million in Defense Advanced Research Products Agency (DARPA) and Department of Defense (DOD) funding.
