In Q1 2023, the 3D Printing Medical Devices sector witnessed a notable series of deals, with the top 5 in this period grossing over £379.5 million combined.
3D printing for medical use is applied to create customised medical devices, prototypes, and anatomical models. It allows for the production of complex and patient-specific designs with high precision and flexibility. This technology is transforming healthcare by enabling faster and more cost-effective manufacturing processes and facilitating personalised treatment options.
These investments reflect the increasing recognition of the revolutionary impact of medical 3D printing on healthcare, driving further advancements and fueling the industry’s momentum towards a future where personalised and accessible medical devices become the norm.
Limacorporate, an Italian company specialising in orthopaedics and traumatology surgical tools, implantable prosthesis, and other medical models, recently secured £260.50 million in funding on 6th February 2023. The funding, consisting of senior secured floating rate notes and a senior revolving credit facility, was provided by undisclosed lenders.
The primary purpose of this financial injection is to repay existing debts. This marks the second time Limacorporate has refinanced debt since 2017, when they successfully refinanced £245.01 million.
This funding follows the company’s triumph in receiving FDA 510(k) clearance in late 2022 to introduce their latest shoulder platform called Prima, marking a significant milestone for the company. What sets this implant system apart is that both the glenoid baseplate and the humeral stem are entirely 3D-printed, a first for LimaCorporate. Furthermore, the system incorporates Lima’s patented Trabecular Titanium (TT) technology, which provides robust primary fixation and facilitates secondary bone ingrowth.
This is the first deal under the leadership of current LimaCorporate CEO, Massimo Calafiore, who assumed the position in September 2022, bringing with him a wealth of experience in the orthopaedics sector. He previously served as the Chief Commercial Officer at NuVasive, overseeing the company’s specialised orthopaedics business unit and other key areas. Additionally, Massimo gained valuable insights into the prosthetics industry during his tenure from 2008 to 2017 at Waldemar Link GmbH & Co. KG. Notably, this German company was responsible for producing Germany’s first joint replacement prosthesis.
Meanwhile, the former CEO of Limacorporate, Luigi Ferrari, has transitioned into the realm of orthopaedics as a senior advisor and investor at G21 srl. This innovative company focuses on the bone cement market for orthopaedics and minimally invasive spinal surgery. Luigi’s expertise continues to contribute to the advancement of the field.
Mere days after rebranding to ZEDA, a global leader in advanced 3D manufacturing and nanotech solutions; the newly merged companies PrinterPrezz and Vertex Manufacturing announced the closing of a £42.90 million Series B funding round on the 23rd January 2023.
The funding round was led by existing U.S. investors Boutique Venture Partners, Berkeley Catalyst Fund, Dream One Vision (DOV) Management, and Belgian venture capital fund Solvay Ventures. Additionally, several new institutional and strategic investors, including Michelin, Taiyo Nippon Sanso (a subsidiary of Mitsubishi Chemical Group and an industrial gas maker), and Fives Group (a French machine manufacturer), also participated in the funding round.
Zeda intends to put their new funding towards establishing a state-of-the-art manufacturing digital foundry in Cincinnati, Ohio and expanding their facilities on a global scale to meet the rising demand for metal 3D printing across various sectors such as medical, aerospace, defence, space, and energy applications. The company has also started exploring the Asian market through establishing a design and innovation team in Singapore, specifically concentrating on catering to the growing demand for additively manufactured medical implants in Asia.
ZEDA CEO, Shrinivas Shetty, brings over 19+ years of progressive experience in Additive Manufacturing and the semiconductor equipment industry. Prior to joining ZEDA, he held the position of Head of New Business Development at Applied Materials for 4 years, a company specialising in materials engineering solutions, after moving from his 7 year tenure as Senior Director at Ultratech, a prominent semiconductor manufacturing company. Shetty’s extensive background and leadership in these industries contribute to ZEDA’s strong foundation and strategic direction.
Speaking on this latest funding round, Shetty said the company is “seeing exponential growth in our served markets, driven by our regulated-industry partners and products, due to the global environment and localisation of supply chains. We are delighted to have closed a substantial round, particularly with the current economic headwinds. This further validates our vision for the company and the capabilities of our exceptional team to execute against our business plan.”
Commenting on the company’s products, investors Kunihiro Kobayashi from the Taiyo Nippon Sanso Corporation and Rami El Assal from Boutique Venture Partners said the product that Zeda is offering is fascinating and unique. In addition, Kobayashi stated he was “impressed with Zeda’s quality control system for printed implants”, whilst El Assal was primarily enamoured by the brand’s “ability to provide a complete solution for medical devices from concept to production”, which has the potential to significantly accelerate innovation within the healthcare industry.
3. Shoulder Innovations
US based Medtech 3D printing company Shoulder Innovations (SI) secured £34.08 million of funding in a Series D round led by investor Gilde Healthcare, a specialised trans-Atlantic healthcare investor, on 10th February 2023.
In addition to Gilde Healthcare, Genesis Innovation Group, US Venture Partners, Lightstone Ventures, Gilmartin Capital, Aperture Venture Partners, Chestnut Street Ventures and Global Brain also participated in the round.
Shoulder Innovations is a company dedicated to developing medical equipment that introduce innovative solutions aiming to enhance patient care, improve patient safety and decrease healthcare system expenses. Their main focus lies in the design and commercialisation of a shoulder replacement implant system, leveraging their pioneering and patented InSetTM glenoid design. This breakthrough technology addresses the primary cause of shoulder replacement failure, glenoid loosening.
Through rigorous testing, the InSetTM technology has demonstrated its ability to notably minimise micro-motion of the glenoid implant, leading to improved surgical techniques and potentially reducing complications while increasing the longevity of the implant. Shoulder Innovations aims to revolutionise shoulder replacement procedures with their innovative approach and cutting-edge implant system.
With increased resources, SI is empowered to expedite the growth of their commercial and distribution operations in order to meet the high demand and wide-ranging interest in their product platform.
Robert Ball, CEO of Shoulder Innovations said that the company “is on a mission to be the innovation leader in shoulder arthroplasty. Over recent years, we’ve built a world-class product line which has begun to gain significant traction in the marketplace. This financing positions Shoulder Innovations with the resources and partners to accelerate our investments in our team and products to further establish our leadership position. We’re excited to have gained significant financial support from industry leading partners in what has become a challenging financial market, bringing products to market with greater access for patients.”
In addition to holding the position of CEO of Shoulder Innovations, Robert Ball also assumes the role of Founder, President, and Chief Executive Officer at Magnesium Development, a development stage company focused on medical research, development and commercialisation of medtech in the orthopaedic space. With an illustrious career spanning over a decade, Ball has consistently demonstrated his exceptional expertise in successfully introducing cutting-edge medical device technologies to the market. His profound understanding of the industry has enabled him to revolutionise the development of proprietary orthopaedic materials, solidifying his reputation as a trailblazer in the field.
4. ReLive Biotechnologies
ReLive Biotechnologies announced the closing of a Series A funding round led by Shanghai Healthcare Capital (SHC) with contributions from two existing angel investors, Indaco Capital and Jiuyo Capital, and a new joiner Watson Capital on 15th January 2023, raising £29.75 million.
ReLive focuses on developing cartilage regeneration products and advanced cartilage repair technology. They utilise a combination of multi-source cells and 3D printing bioscaffold materials to treat different types of cartilage defects. In addition to that, they also supply medical products for plastic surgeries, serving plastic surgeons and orthopedists. The funding will be used to support ReLive’s operations in China, the United States, and Europe, including hiring, registration, production, sales, and R&D
Simultaneously with this funding round, the company also acquired all operating assets of Germany-listed biotech company Co.Don AG. By attaining the global patent rights for their flagship products “Spherox” and “Chondrosphere,” the company has positioned itself as the sole proprietor of these groundbreaking innovations. “Spherox” stands as one of only two authorised cell therapies available globally for regenerative treatment specifically targeting articular cartilage defects.
ReLive was founded by current CEO Dr. Zhao, who said “2022 has been very tough for fundraising given the unprecedented challenges posed to political and business environments. However, we managed to complete our Series A as well as the asset acquisition of Co.Don AG in 2022, laying the ground for our global landscape, and for our ambition to become a leading global regenerative biotech company.”
“Special thanks for the trust and support from all our investors, especially SHC as the lead investor and a key supporter of the asset acquisition, for empowering ReLive with all-round tremendous resources. We believe ReLive will be a phenomenal success with our joint efforts,” Dr. Zhao added.
Dr. Zhao’s exceptional educational background, including a Ph.D. in Regenerative Medicine and an M.D., combined with his experience in orthopaedic surgery, position him as a leading authority in the industry, capable of leading ReLive Biotechnologies to their goal of becoming the global leader in regenerative therapies.
5. Dimension Inx
Dimension Inx secured £12.37 million in Series A funding led by Prime Movers Lab, who invest in breakthrough scientific startups with the potential to save billions of lives, on 23rd January 2023. KdT Ventures, Revolution/ROTR, Alumni Ventures, Solas BioVentures, Portal Innovation Ventures, and Hawktail also participated in the round.
Dimension Inx develops a biomaterials platform designed to offer organ and tissue regeneration and repair. The company’s structures offer a bio-fabrication process that provides the versatility, manufacturability, and affordability necessary for the widespread adoption of regenerative medical products, enabling clinicians and surgeons to eliminate the need for organ transplantation.
The funds are intended to be used to advance the development of the company’s therapeutics focused on functional organ restoration, expand manufacturing capabilities and facilitate a projected team expansion, with the aim of doubling the current workforce of 14 individuals within a span of 18 to 24 months.
While several companies engage in designing innovative biomaterials, engineering advanced 3D bioprinters, and crafting bioscaffolds to transform cultured cells into tissues or organoids for drug discovery and biomedical applications, Dimension Inx adopts a distinctive approach with a strong focus on practical applications. Their unique bio-inks and meticulously designed bioscaffolds have shown remarkable outcomes, including improved cellular integration, vascularization, and accelerated tissue regeneration.
In addition to its Series A funding, Dimension Inx has recently obtained FDA 510(k) clearance for CMFlex™, an innovative 3D-printed regenerative medicine product approved by the FDA for use in craniomaxillofacial surgical procedures. Looking ahead, Dimension Inx has exciting plans to share additional updates regarding both internal and partnered programs in the near future and beyond.
“Dimension Inx represents the type of breakthrough science we believe will transform their industry and reshape our physical world,” said Prime Movers Lab Venture Partner Amy Kruse, Ph.D. who will be joining the company’s board. “We’re excited to support Dimension Inx as they enter this next phase of growth and development, and bring their transformative products to market.”
Additionally, Dimension Inx CEO, Caralynn Nowinski Collens, M.D., stated “FDA clearance is a major milestone for our platform, and validates the work we’ve put into developing our product over the past two years.”
“CMFlex is a product that represents our unique approach to restoring functionality in the body: it’s a dynamic collaboration between biology, material composition, microstructure, and macro architecture. We’re excited by the interest we’ve already received from surgeons who recognise the importance of a ready-to-use solution that is easy to handle and accelerates healing to improve patient outcomes.” She added.
Previously as the co-founder and CEO of UI LABS, a first-of-its-kind technology organisation focused on the digital future of industries, Collens built the organisation from concept in late 2011 through launch in 2014, raising $200M+ in investment and ultimately spinning out two business units as independent entities (MxD Digital Manufacturing Institute and City Tech Collaborative) in 2019.
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