Spinal devices maker Benvenue Medical is looking to expand its U.S. footprint with the funds from a newly closed $64 million financing round, the company announced today.
Benvenue hopes to widen its presence and boost manufacturing of its minimally invasive spinal repair devices, using remaining funds for working capital and general corporate growth strategies. The company’s Kiva vertebral augmentation device is already on the U.S. market and Benvenue is preparing to submit its Luna interbody system for FDA review.
The Series E funding round was raised through a $40 million in sold equity as well as $24 million in debt. New investor InterWest Partners led funding, which was joined by existing investors, and Silicon Valley Bank was the sole debt provider, according to a press release. In conjunction with the funding, InterWest’s Dr. Gil Kliman joined Benvenue’s board of directors.
"Benvenue Medical is, without a doubt, one of the most exciting companies in the spine category," Kliman said in prepared remarks. "We’re happy to be a part of the significant positive momentum that clearly shows how well- positioned the company is for considerable commercial success in the global spine market."
Benvenue has been on a roll this year, having closed a $3.5 million funding round in March, just a month after landing FDA clearance for the Kiva system.
