Shoulder Innovations Inc. (SI), a Grand Rapids, Michigan based leader in the shoulder replacement implant market, announced closing on an oversubscribed $42 million Series D financing. SI is a commercial stage medical device company with an experienced team of successful innovators in the shoulder space.
The financing was led by Gilde Healthcare Partners, a specialized trans-Atlantic healthcare investor. US Venture Partners, Lightstone Ventures, and the cultivate (MD) Accelerator Capital fund returned as existing investors alongside new investors that include Gilmartin Capital and Aperture Venture Partners. The additional resources enable SI to accelerate the expansion of their commercial and distribution operations, responding to the widespread interest in its product platform.
SI has developed and commercialized various components for the innovative and integrated InSetTM system, which includes the successful InSet™ Glenoid, Humeral Short Stem, Reverse and Stemless components.
Rob Ball, CEO of Shoulder Innovations said, “Shoulder Innovations is on a mission to be the innovation leader in shoulder arthroplasty. Over recent years, we’ve built a world-class product line which has begun to gain significant commercial traction in the marketplace. This financing positions Shoulder Innovations with the resources and partners to accelerate investments in our team and products to further build out our leadership position. We’re excited to have gained significant financial support from industry leading partners in what has become a challenging financial market, bringing products to market with greater access for patients.”
Geoff Pardo, General Partner at Gilde Healthcare, commented “In the past year, Shoulder Innovations has demonstrated the effectiveness of their platform, strong demand from surgeons, and the operational excellence needed to scale the business. We are excited to partner with this veteran team to meet the demand in the market and build a market-leading shoulder replacement company. The capital of this round will fund the expansion of the commercial operations, the build out of instrumentation and implant inventory, and continued product development.”
Shoulder Innovations has developed the InSet Shoulder Replacement Platform leveraging the extensive experience and history of innovation of the technical, commercial, and clinical teams. Together with surgeon partners, the company has proven the effectiveness of its InSetTM technology in solving the most significant problem in anatomic shoulder replacement: glenoid loosening. In addition to already published 9 year clinical data, the InSetTM technology’s effectiveness was further demonstrated in a recent publication in the Journal for Shoulder and Elbow Surgery, with senior authors Peter Johnston MD and Robert Gillespie MD.
About Shoulder Innovations
Shoulder Innovations is a medtech company that designs and commercializes innovative products to improve patient care and reduce overall cost to the healthcare system. Shoulder Innovations is commercializing a shoulder replacement implant system (InSetTM glenoid design) focused on improving outcomes related to the greatest cause of shoulder replacement failure: glenoid loosening. The InSetTM technology has been shown in testing to significantly reduce glenoid implant micro-motion and simplifies the surgical technique, potentially reducing complications or increasing implant longevity. For more information about Shoulder Innovations and the Power of OneTM visit www.shoulderinnovations.com.
About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over $2 billion across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in fast growing companies active in digital health, medtech and therapeutics. The venture & growth companies are based in Europe and North America. The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe. For more information, visit the company’s website at www.gildehealthcare.com.