Benvenue Medical, Inc., a Santa Clara, CA-based developer of minimally invasive solutions for spine repair, completed a $64m round of financing.
The financing was a combination of $40m in Series E equity supplemented with $24m in debt. The Series E round was led by new investor InterWest Partners with all existing major investors participating. Silicon Valley Bank was the sole debt provider. Following the deal, Gil Kliman, M.D. from InterWest Partners will join Benvenue’s Board of Directors.
The company intends to use the funds to build its US commercial presence, scale up manufacturing, increase administrative functions to support overall corporate growth and provide working capital to fund growth in operating activities.
Founded in 2004 and led by Robert Weigle, CEO, Benvenue Medical develops next-generation, minimally invasive expandable implants for the spine. It has entered a $9b global spine device market with three minimally invasive products to treat degenerative disc disease (DDD) with spinal fusion and vertebral compression fractures (VCFs):
Kiva® VCF Treatment System, which provides a new implant-based approach to vertebral augmentation in the treatment of painful VCFs.
Blazer®- C Vertebral Augmentation System, which is used by physicians to create channels within the vertebral body for bone cement delivery.
Luna® Interbody System, which is used in minimally invasive spinal fusion procedures for degenerative disc disease and incorporates Benvenue Medical’s proprietary implant technology. It has received the CE Mark and is not currently available in the U.S.