Shoulder Innovations, a leader in shoulder replacement technology, today announced the closing of a $40 million Series E equity financing round. The financing was led by existing investor U.S. Venture Partners (USVP), with support from additional existing investors including Gilde Healthcare Partners, Gilmartin Capital, and Aperture Venture Partners. New investors Arboretum Ventures and Sectoral Asset Management also participated.
Proceeds from the financing will be used primarily to advance commercialization of the Company’s InSet™ Total Shoulder and Reverse Shoulder Arthroplasty Systems and support new product development, as well as for general corporate purposes.
“Over recent years, we have significantly expanded our product line, strengthened our sales organization, and emerged as a pure-play leader in shoulder arthroplasty,” said Rob Ball, CEO of Shoulder Innovations. “We appreciate the support of our new and existing investors and see this financing as well-timed as we hone our focus on accelerating commercial momentum and advance our mission of enabling best-in-class outcomes for shoulder specialists and their patients.”
“Shoulder Innovations has established compelling clinical credibility with its disruptive and highly differentiated InSet™ technology, and U.S. Venture Partners is pleased to continue supporting the Company by leading this financing round,” said Casey Tansey, General Partner at U.S. Venture Partners. “Looking ahead, we believe Shoulder Innovations is well-positioned to further advance patient outcomes while delivering economic benefits to healthcare practitioners as a leading innovator in the shoulder arthroplasty market.”
About Shoulder Innovations
Shoulder Innovations is a shoulder arthroplasty-focused medical device development company that designs and commercializes innovative products that demonstrate the potential for improved patient care and reduced overall cost to the healthcare system. Leveraging its breakthrough, patented InSet™ glenoid design, Shoulder Innovations developed a shoulder replacement implant system focused on improving outcomes related to the greatest cause of anatomic shoulder replacement failure: glenoid loosening.
The InSet™ 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.
Beyond addressing one of the biggest problems in anatomic shoulder arthroplasty, Shoulder Innovations has also developed the anatomic reverse shoulder system, designed to work with and maximize the available rotator cuff instead of substituting for it. For more information about Shoulder Innovations and the Power of One™ visit www.shoulderinnovations.com.
About Gilde Healthcare
Gilde Healthcare is a transatlantic specialist investment firm managing over €2.6 billion across two fund strategies: Venture&Growth and Private Equity. The Venture&Growth fund of Gilde Healthcare invests in fast growing companies active in digital health, medtech and therapeutics, 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.