Emerging medtech developer Shoulder Innovations said today it closed a $2.5 million Series A equity financing round to help support continued product development and growth of its existing Inset technology.
The round was led by the Michigan Angel Fund, Wakestream Ventures, Genesis Innovation Group Cultivate(MD) and other equity holders, the Holland, Mich.-based company said.
“It is impressive that the team at Shoulder Innovations has developed truly cutting-edge and disruptive products in the orthopedic space, and they have done so in a capital efficient manner, which we love to see,” Michigan Angel Fund managing director Skip Simms said in a prepared statement.
Shoulder Innovations said it is developing and commercializing the Inset shoulder replacement implant system intended to improve glenoid loosening, which the company said is the “greatest cause of shoulder replacement failure.” The company said it has a “long-term vision” to eventually offer a complete shoulder arthroplasty products.
“Shoulder Innovations has made excellent progress in both its commercial growth and its innovative development initiatives over the past several quarters. We are extremely excited by the continued support and encouragement from our investment partners to continue this work which will significantly impact the lives of many,” exec chair Rob Ball said in a press release.