HOLLAND — Shoulder Innovations Inc. closed on $2.5 million in a Series A equity funding round led by the Michigan Angel Fund of Ann Arbor.
The additional capital will go to support new product development and to acquire inventory and assets needed to accelerate growth of the Inset platform for future products and systems now in development.
“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 statement.
Wakestream Ventures LLC joined Michigan Angel Fund in the capital round, along with Holland-based Genesis Innovation Group and the venture capital fund cultivate(MD). Genesis Innovation Group and cultivate(MD) are both run by the founders of Shoulder Innovations.
Shoulder Innovations developed a new shoulder replacement implant requiring 50 percent fewer instruments and fewer steps during surgery, all of which results in lower costs.
In announcing the capital raise, the company said that more than 100,000 patients annually undergo shoulder replacement surgery, with demand increasing 10 percent each year. The company said the present market for shoulder replacement is $1 billion and is expected to double by 2023.
“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,” Executive Chairman Rob Ball stated.