Bolt Navigation, the developer of the first handheld spine surgery navigation system, has successfully closed its Series B financing round. Based in Concord, Massachusetts, Bolt Navigation is a privately held developer of handheld surgical navigation systems.
According to the company, these funds will be used to “support commercialization of the Bolt Navigation System in the U.S., EU and other markets, ongoing and new clinical studies, and expansion of the Bolt technology platform into additional indications.”
The company did not disclose how much was raised.
OTW spoke with Bolt Navigation Chief Commercial Officer Rob Brown about the clinical studies, and he explained, “We currently have a head-to-head Randomized Control study underway in the Netherlands with Bolt versus CT Navigation system.”
Its flagship product Bolt is a handheld spinal surgery navigation system. John Dorman, M.D., a practicing neurosurgeon at West Texas Neurosurgery, developed Bolt. The Bolt system “utilizes an iPod touch, with its A10 fusion chip, 8MP camera, and highly sensitive gyroscope-on-chip technology to efficiently and effectively guide the placement of posterior fixation.” The system is also “implant agnostic” which means it can offer “superior accuracy with any implant system.”
This financing round was led by Grand Oaks Capital, an investment firm founded by Paychex founder Tom Golisano. Impact Capital, a venture capital firm based in New York, New York, also participated in the financing round. Bolt also announced the addition of Tom Bonadio to the Bolt Board of Directors. Bonadio is Impact Capital’s general partner and chairman of The Bonadio Group Board of Directors.
In the press release, Bolt Chief Executive Officer Patrick West said, “We are delighted to have the continued support of Grand Oaks Capital and new investors seasoned in guiding commercial stage companies.”
West continued, “We are in a position to execute on our goals of commercializing the Bolt Navigation System, a cutting-edge handheld spine navigation solution. The iOS-based system combines exceptional accuracy, cost-effectiveness, reduced radiation exposure, and seamless integration with existing surgical workflows, setting a new standard in the field.”
