Palm Beach Gardens, Florida-based spinal implant company Accelus has announced the close of a $12 million Series D financing round.
The Series D equity financing round was led by Concord Innovation Fund II, LP based in Summit, New Jersey. The fund is a private equity growth and expansion fund managed by Concord Health Partners.
Accelus is dedicated to promoting the use of minimally invasive surgery in spine. Last year, Accelus reported $27.5 million in revenue. According to the company, that amount is a 63% increase from 2020.
According to the Accelus press release, the financing will be used to drive the adoption and commercialization of Accelus’s product portfolio within the U.S. market. The focus will be specifically on “robotic-enabled, minimally invasive techniques, in both hospitals and ambulatory surgery centers.”
In conjunction with the financing, Accelus also named Concord Health Partners Co-Founder and Partner Joseph Swedish to its board of directors. Swedish will contribute his more than 45 years of healthcare leadership experience to the Accelus BOD.
Swedish has previously served in a number of advisory and board positions with Blue Cross Blue Shield Association, the American Hospital Association, America’s Health Insurance Plans, and Catholic Health Association. He also served in the following positions: Anthem, Inc. chairman, president, and CEO; Trinity Health president and CEO; Centura Health president and CEO; and Hospital Corporation of America division president.
Accelus CEO and Co-Founder Chris Walsh commented, “We are thrilled to announce Joseph Swedish as a new member of our board and to cement our relationship with Concord Health Partners, which shares our enduring commitment to lowering costs and expanding access to quality healthcare.”
Walsh continued, “Joe’s [Swedish] proven ability to create massive value at the helm of both payors and providers, along with our current board’s device prowess, completes Accelus’s powerful trifecta in this space. We thank the team at Concord and look forward to deploying this and additional Series D capital to execute on our goal of accelerating the move to minimally invasive spine surgery.”
