NanoHive Medical announced it raised $7 million in a Series C financing round to support its continued growth.
Woburn, Massachusetts-based NanoHive develops 3D-printed titanium spinal interbody fusion devices. The company offers the proprietary, biomimetic Soft Titanium technology for the spinal interbody fusion device market. Its Hive portfolio provides surgeons and patients ideal biomechanical elastic modulus properties, clear and precise diagnostic imaging capability, osteoblast cell attraction and integration, according to the company.
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Outcome Capital served as a strategic and financial advisor to NanoHive in the financing. Concurrent to the funding, the company added Greg Hoffman and David Scott to its board of directors. Hoffman serves as managing partner of Hoffco Holdings, while Scott served as co-founder and CEO of Xator Corporation. Both invested in NanoHive Medical’s Series A, B and C rounds.
NanoHive plans to use the proceeds from the financing to expand its U.S. commercial organization and expand its Hive portfolio. That portfolio expansion could include product line extensions, product launches and “smart” sensor implant delivery R&D. The company also looks to enter international markets and expand strategic partnerships.
“The company is quite fortunate to have a group of investors that strongly support our team and technology who also bring a distinguished track record of building companies to and through profitability,” said NanoHive CEO Patrick O’Donnell. “The entire organization is excited to further execute on the company’s invigorated strategy aimed at broadening our Hive Soft Titanium portfolio’s successful clinical experiences with more patients and surgeons into more markets.”
