HOLLAND — Shoulder Innovations LLC, a medical device startup developing shoulder replacement systems, announced it has closed a $2.5 million round of Series A equity funding led by Ann Arbor-based Michigan Angel Fund, Grand Rapids-based Wakestream Ventures, Holland-based Genesis Innovation Group and Cultivate(MD), and other equity holders.
“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,” said Skip Simms, managing director of the Michigan Angel Fund.
More than 100,000 patients receive shoulder replacement surgery each year, with demand increasing 10 percent annually. An increasing prevalence of shoulder arthritis, combined with the aging Baby Boomer population, is driving the growth of the global shoulder arthroplasty market, which is valued at more than $1 billion and is expected to double by 2023.
Shoulder Innovations says it offers a straightforward surgical technique, highly stable implant, and streamlined instrumentation, which provides opportunity for improved operating room performance.
The $2.5 million investment will be used to fuel new product development, and to acquire inventory and assets to accelerate growth of its current Inset platform technology, which serves as a foundational platform on which many future products and systems are in development. The long-term vision of Shoulder Innovations is to offer a complete leading technology shoulder arthroplasty product line.
“Shoulder Innovations has made excellent progress in both its commercial growth and its innovative development initiatives over the past several quarters,” Rob Hall, executive chairman of Shoulder Innovations, said in a press release. “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.”
Shoulder Innovations says its shoulder replacement system is focused on improving outcomes related to the greatest cause of shoulder replacement failure: loosening in the glenoid, the cavity in the shoulder joint. The inset technology has been shown in testing to significantly reduce glenoid implant micro-motion and simplifies surgical the surgical technique, potentially reducing complications or increase implant longevity.
Learn more about Shoulder Innovations and its Total Shoulder Replacement System at shoulderinnovations.com.