Medical technology start-up Inovedis has raised $4m through a Series A funding round for its SINEFIX implant system.
The funding round involved participation from all the company's initial seed round investors, comprising MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg, Volksbank Albstadt ChancenKapital, High-Tech Gründerfonds and Start-UP BW Innovation Fonds.
Angel investors as well as an initial investment by SINEFIX implant current manufacturer Renolit also supported the funding.
Inovedis will use the capital from this round to commercially introduce the SINEFIX implant in the US.
This year, the company has received clearance from the US Food and Drug Administration (FDA) for this implant. It is not yet approved for sale outside the US.
The funding will also be used to support a clinical trial in Germany. This study is focused on generating the data required to apply for CE marking and sales expansion in the country.
Deploying a simplified surgical technique optimised for minimally invasive surgery, SINEFIX enables refixation of the rotator cuff tendon to the bone.
This technique needs minimal instrumentation and eliminates suture management complexity and the knot-tying process.
Inovedis founder and CEO Lukas Flöss said: “The new funding brings significant financial capital to accelerate the launch of SINEFIX and innovations that promote improvements in the way rotator cuff tears are treated today.
“We are looking forward to starting a limited market release in the US to begin gathering experience around SINEFIX and working on future product generations.”
