US-based surgical tool producer Ceterix Orthopaedics has raised $18m of financing in a series B round that included Denmark-based healthcare company Novo.
Venture capital firms Versant Ventures and 5AM Ventures also contributed and all three participated as existing investors.
Ceterix Orthopaedics uses technology that allows surgeons to safely place stitches inside joints. Along with the funding, Ceterix concurrently announced the emergence of two patented technologies for joint and soft tissue repair.
The investment will be used to commercially support the further commercialisation of the company’s surgical tools for minimally invasive joint surgery, which are currently being used by more than 100 physicians in the US.
Although the company has not officially revealed the amount it raised in its January 2013 series A round, an SEC filing last month stated that it has raised $31.3m in equity since December 2012, though the series B round also included an undisclosed amount of debt financing from Silicon Valley Bank and Oxford Finance.
Ceterix CEO John McCutcheon said: “We have been extremely pleased with physician response to our technology, which has exceeded expectations on every front, and look forward to expanding our reach to additional US physicians and patients in the coming months.”