California's Benvenue Medical pulled in $25 million in Series D financing, planning to use the money to commercialize its three spinal-repair devices.
Benvenue has three minimally invasive devices in various stages of regulatory approval, and the latest fundraising haul sets the company up for broad expansion, its CEO said. The devices are Kiva, a vertebral compression fracture-treating device available in Europe and seeking 510(k) clearance in the U.S.; Blazer, which treats the same the ailment and is on the U.S. market; and Luna, a CE marked spinal-fusion device for which Benvenue plans to file a 510(k) application this year.
The round--completed with existing investors DeNovo Ventures, Domain Associates, Technology Partners and Versant Ventures--adds on to the $35.5 million Series C round the company closed last year. Benvenue estimates the global spinal market at $9 billion, and this latest monetary infusion will help the company pay for the required trials to get its techs on shelves and cash in, the company said.
The company has been developing the devices since its 2004 launch, and its investors say it's ready to shift its focus from R&D to commercialization. "We expect this new infusion of capital will carry the company to the next level of growth and commercial success," Nimesh Shah, principal at Domain Associates, said in a statement.
- read the company's release