Ontario medical device startup Avenir Medical raised $3.3 million, successfully closing a Series A financing round in support of its orthopedic surgical instruments.
Funding was led by MaRS Investment Accelerator Fund of Toronto, and was joined by angel groups in Waterloo, Toronto and Boston, according to a company statement.
Avenir’s proprietary surgical tools combine microelectronics and tiny optical sensors that provide real-time information that orthopedic surgeons can use to position and align implants when performing joint replacements. The device maker plans to lead with its hip replacement guides before moving on to knee replacements and other orthopedic surgeries.
The funds will help Avenir accelerate its commercial efforts in North America and Europe, a potential market of over 2 million hip and knee replacement surgeries each year, Avenir CEO Armen Bakirtzian said in prepared remarks.