Si-Bone, a US-based medical device maker backed by pharmaceutical firm Novo, closed a $20m funding round today led by Arboretum Ventures.
All the company’s existing major shareholders returned for the round, SI-Bone said, though it has not specificallly named any of them. Novo was however referred to as a major investor at the time of Si-Bone’s $21m funding round in May 2015.
Founded in 2008, SI-Bone has created a minimally invasive surgical device named iFuse Implant System that treats lower back pain caused by disorders of the sacroiliac (SI) joint, the part of the pelvis that supports the spine.
The money will allow the company to increase its sales efforts in the US, with the remainder allocated to research and development of additional products to treat conditions of the SI joint.
SI-Bone has secured approximately $103m in funding to date. Novo made its first commitment in 2014, when it participated in a $33m series D round alongside Orbimed, Skyline Ventures and Montreux Equity Partners. Redline Capital Management is also a backer.