Shoulder Innovations, a Holland, Mich.-based developer of shoulder replacement systems, closed a $21.6m equity financing.
The round was led by US Venture Partners and Lightstone Ventures, with participation from Alumni Venture Partners, Wakestream Ventures, Biosciences Research and Commercialization Center of Western Michigan University, Invest Michigan, and the Michigan Angel Fund, among others.
Founded in 2009 by Stephen B. Gunther, MD, and Mike DeVries of EDF Ventures, and led by Rob Ball, Chief Executive Officer, Shoulder Innovations set out to develop a glenoid technology fixation solution for anatomic shoulder arthroplasty. For the five years that followed, the company secured meaningful issued patents, 510k clearance for the novel technology, and provided evidence to the surgical community through publication of multiple peer-reviewed publications. In 2015, Genesis Innovation Group (Genesis) partnered with Shoulder Innovations to provide financial capital and operational leadership focused on commercializing the technology. The following year, Shoulder Innovations was able to report its first commercial sale of the InSetTM glenoid. Continued investment led by Genesis and its cultivate(MD) Capital Funds, together with leadership from industry veterans, drove continued growth and innovation at the company.
With the close of the equity financing, the Board of Directors has been expanded to six members, including two independent board members. Casey Tansey of USVP and Mike Carusi of Lightstone Ventures will join the board representing Series C shareholders. Rob Ball and Matt Ahearn will remain on the board representing Series A and B shareholders. Additionally, Kevin Sidow and Paul Buckman will join as independent directors, rounding out a highly experienced and broad knowledge base.