WRAL TechWire reported in March that the company had closed about $14 million in funding, with room to raise additional capital. According to an SEC filing dated March 15 and signed by company CEO Andrew Miller, 147 investors had participated in the round.
In the statement, Ken Gall, a cofounder of the company and a professor at Duke University notes that the new funding will go toward new product introductions, enhanced 3d printed personalized surgical solutions, and the ongoing development of machine learning software.
How the funding will be used
Funding will also go toward research and clinical studies, Gall noted. The company merged with Kinos Medical in 2021.
Gall said that the company will be hiring a commercial team to “support market traction” and also that the company will be moving to a new facility in Research Triangle Park in 2023.
The new facility “will expand capabilities for patient specific digital design, in-house manufacturing of implants and instruments, as well as surgeon training and education labs,” the statement reads.
The SEC filing from March 2022 notes that $925,000 will be allocated to be “used for payments to any of the persons required to be named as executive officers, directors or promoters.”
Along with the merger with Kinos Medical, the company raised $13 million in 2021, from 101 investors.
“My belief is that surgical reconstructions of the future will be performed with implants that are tuned to the anatomy, biomechanics, and tissue biology of individual patients and explicitly designed and improved based on data sets of pre- and post- operative clinical data,” said Gall in May 2021 about the fundraising efforts and the company’s merger with the Wayne, Pennsylvania-based Kinos Medical. “The combination of these two thriving businesses is an exciting step towards this future.”