Elevation Spine has announced the completion of its Series B preferred stock financing, with the US$11 million raised going towards boosting the commercial production of its Saber-C device as well as supporting product development of future Saber technology products.
The funding was led by Technology Venture Partners (TVP) and included participation from Mutual Capital Partners (MCP) as well as existing investors. The company also announced the appointment of Donald Bossi and Bryson Hollimon, both of TVP, to its board of directors.
“We are excited to support the Elevation Spine team at this critical growth stage. Saber technology is an important advancement in spinal fusion technologies,” said Bossi. “It allows surgeons to access hard-to-reach areas of the spine more easily and with fewer procedural steps. This differentiated technology provides significant advantages to the surgeon and the patient over current technologies and has a very exciting future.”
Charles Gilbride, CEO of Elevation Spine, added: “Elevation Spine welcomes TVP and MCP to our team of investors. This funding provides Elevation Spine with the capital to build out a full commercial team and expand the use of the Saber-C system. We will concurrently develop additional products utilising Saber technology to establish Saber as the leading platform technology in spinal fusions.”