Surgical Innovation Associates said yesterday that it raised $4 million in an oversubscribed Series A round for the development and commercialization of its reconstructive and aesthetic surgery devices.
Chicago-based Surgical Innovation, a medical device spinout from Northwestern University, said it has raised $6.5 million since its 2016 inception.
The investor base for the recent $4 million coup included leaders in plastic and reconstructive surgery, C-level executives of large, publicly-traded medical device companies and new investors, including Harvard Business School Angels and Gopher Angels, according to a news release.
“The continued investment of time and money by clinical and business luminaries like Dr. Egeland further validate what we’re doing,” co-founder & CEO Alexei Mlodinow said in prepared remarks. “This funding will help achieve not only early sales and market-expanding regulatory milestones, but will also supercharge development of our pipeline reconstruction and aesthetic products.”
“Gopher Angels has a long history of investing in medical devices, and we are excited to add Surgical Innovation Associates to our portfolio,” added Gopher Angels’ Paul Hansen. “We are confident that the commitment of the leadership team will enable SIA to continue to make groundbreaking advancements in healthcare.”
“I’m thrilled to apply my commercial and transactional medtech background to help advance SIA’s mission of creating products for patients I treated early in my medical training,” Egeland said. “SIA is going to do big things for patients in a field I’m passionate about, and I’m glad to be part of the team.”