US-based medical device company ConforMIS secured $89m in series E financing on Monday, with further funds committed upon fulfilment of specific milestones. Investors included investment group Axel Johnson, asset management firm AGC Equity Partners and unnamed government-backed funds from Asia and the United Arab Emirates.
ConforMIS previously raised $74.9m in a series D round that closed in December 2009, and which saw investment from private equity fund Aeris Capital and additional unnamed equity funds. Altogether, ConforMIS has now raised $252.6m in venture financing.
Previous investors in ConforMIS include venture investors CIB Biotech, Thorner Ventures, Veron International, Hofung Holdings, National Real Estate Corporation, Boston Life Science Venture Corporation and Dry Yang Biotech Venture Capital, as well as Sparkassenbeteiligungsgesellschaft Sachsen-Anhalt, a venture capital investor representing nine German-based savings banks.
Founded in 2004, ConforMIS develops orthopaedic implants and instruments, primarily for the treatment of knee osteoarthritis, a degenerative joint disease. One of ConforMIS’ products, the iTotal CR knee resurfacing system, won an award for innovation at technology industry mouthpiece TechAmerica Foundation’s American Technology Awards in June last year.
Michael Milligan, chief executive officer of Axel Johnson, said: "ConforMIS continues to challenge the conventional wisdom associated with traditional total knee replacements through its customized orthopedic implant technologies. We are pleased to be a significant investor in the company given its prospects for substantially altering the industry competitive landscape"
ConforMIS plans to use the capital to fund research and development, and an expansion in both manufacturing infrastructure and sales and marketing.