Despite some concerns, execs say device sector should emerge from the legislative OR in good health.

Maria Fontanazza

July 1, 2009

2 Min Read
Funding Pours Into Devices

In addition to ConforMis's successful fundraising strategy, other companies are seeing record-breaking funding growth.


eCardio (The Woodlands, TX) has received a significant minority investment from Sequoia Capital. This is eCardio's first round of institutional funding since the company was founded in 2004. The investment from Sequoia Capital comes after several years of profitable growth and industry recognition for the company, which provides arrhythmia monitoring services.
Orthopedics company Small Bone Innovations Inc. has raised $144 million through various efforts. The firm raised Series D rounds of $108 million, which is one of the largest private equity capital financings for an orthopedic company. The Series D funding included substantial investments from Goldman, Sachs & Co., Khazanah Nasional Berhad, the investment firm of the Government of Malaysia, Malaysian Technology Development Corporation (MTDC), an integrated Malaysian-based venture capital company, The Family Office of Bahrain, and certain other substantial investors. It also raised $36 million in a Series C round. The proceeds from the Series C and Series D financings were used in part to complete the acquisition of the Scandinavian Total Ankle Replacement system from Waldemar (Hamburg, Germany) and to retire a $20 million credit facility, arranged in 2007 by Fortress Investment Group.
Novasys Medical Inc., which develops the Renessa treatment for female stress urinary incontinence, has received $18.95 million in the second tranche of its previously announced Series D preferred stock financing. The company received the first tranche of the Series D round in May 2008, with lead investor Versant Ventures and new investors ThreeArch Partners and Skyline Ventures. All three participated in the second tranche, with existing investors Alloy Ventures, Delphi Ventures, GBS Venture Partners and Hercules Technology Growth Capital.

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© 2009 Canon Communications LLC

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