Elevation Spine, Inc., a developer of integrated-fixation spinal technologies based in Monterey, California, has successfully closed an $11 million Series B financing round.
Minneapolis, Minnesota-based Technology Venture Partners, LLC, a venture-capital firm, led the financing round. Existing investors and Mutual Capital Partners, a Cleveland, Ohio-based venture capital fund, also participated in the financing round.
Elevation Spine will use the funds to elevate the commercial production of Saber-C®. The funds will also be used to support the creation of, per the press release, “product extensions of the company’s Saber® Technology platform of products.”
Technology Venture Partners General Partner Donald Bossi, Ph.D. commented, “We are excited to support the Elevation Spine team at this critical growth stage. Saber Technology is an important advancement in spinal fusion technologies.”
Dr. Bossi continued, “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.”
According to Elevation Spine, the Elevation Spine Saber-C System is a cervical interbody fusion device. It is “intended for use in skeletally mature patients with degenerative disc disease (DDD) of the cervical spine (C2-T1) and is for use at a single spinal level. DDD is defined as discogenic pain with degeneration of the disc confirmed by history and radiographic studies.”
In addition to the funding announcement, Elevation Spine also announced the appointment of Dr. Bossi and Bryson Hollimon to the Elevation Spine Board of Directors. Bryson Hollimon is the managing general partner of Technology Venture Partners.
Elevation Spine CEO Charles Gilbride told OTW, “The primary use of the funds will be to ramp the commercial effort of our initial product, Saber-C®, to a national scale. We have seen recent growth in the business across multiple user metrics—active users, new users, user retention, cases per surgeon, and levels per case. This growth occurred before the hiring of the new sales team, so we are encouraged about the potential once the new hires are in place.”
Gilbride continued, “Although spine is a crowded market, Saber-C is differentiated in its features and benefits, including the ability to access challenging levels of the cervical spine combined with the simplified implantation of the device. We plan to take these same attributes to the lumbar spine with future product iterations.”
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