Intellijoint Surgical Inc., a Waterloo-based medical technology company, said Tuesday it has landed an $11 million Series A financing round, which will help it to expand in the U.S.
The company said in a statement the round was led by unnamed private investors in the Toronto-Waterloo corridor, and that it was closed over several tranches.
Founded by CEO Armen Bakirtzian, CSO Richard Fanson and CTO Andre Hladio, Intellijoint has developed a small three-dimensional optical navigation solution for surgeons. Its main product is the intellijoint HIP, which assists orthopaedic surgeons in reaching preoperative surgical targets by providing real-time measurements for cup position, leg length, offset and hip center of rotation during a Total Hip Arthroplasty.
Intellijoint HIP has been used in more than 500 procedures in Canada and U.S. and is both Health Canada-licensed and FDA-approved.
“The U.S. launch of the next generation intellijoint HIP earlier this year is being extremely well received in the marketplace and is seeing significant growth,” said Bakirtzian in a statement.
“This Series A capital will allow Intellijoint to enhance its product offering with the Direct Anterior Approach Application and allow for expansion into new U.S. markets while enabling deeper penetration of Intellijoint’s presence in New York and Illinois.”
Intellijoint Surgical has plans to use its core technology to expand into other orthopaedic procedures. The six-year-old company is the recipient of the 2015 North American Frost & Sullivan Enabling Technology Leadership Award and the Futurpreneur Shopify True Grit Award of 2016.
“Intellijoint has addressed the shortcoming of traditional navigation,” said Wayne Paprosky, Midwest Orthopaedics at Rush and member of Intellijoint’s scientific medical advisory board. “The miniature optical camera provides accurate measurements while compensating for patient movement, which is routine during a total hip replacement. It provides me with valuable information and I choose to use it in every case.”
