Avenir Medical Inc., a Waterloo, ON, Canada-based developer of intelligent instruments to improve joint replacement surgery, closed $3.3m Series A financing.
The round was led by MaRS Investment Accelerator Fund, Toronto, with participation from a syndicate of angel groups in Waterloo, Toronto, and Boston.
The company intends to use the funds to accelerate clinical and commercialization plans in North America and Europe.
Led by CEO Armen Bakirtzian, Avenir develops intelligent instruments to assist orthopedic surgeons in the operating room. Its proprietary devices integrate microelectronics and miniature optical sensors to calculate and display real time measurements of implant position and alignment, enabling surgeons to accurately perform joint replacements. The company’s flagship product is for guiding hip replacement, and the same advanced technology will be applied to knee replacement and other surgical procedures.
Avenir’s R & D team is led by Dr. Allan Gross and Dr. David Backstein from Mount Sinai Hospital in Toronto, Dr. Wayne Paprosky from Rush Hospital in Chicago, and Dr. Javad Parvizi from the Rothman Institute in Philadelphia.