US-based medical device producer SI-Bone has secured $33m in a venture capital round that included pharmaceutical group Novo.
SI-Bone develops medical devices that can treat lower back pain related to sacroiliac joint disorders. It will use the funding to expand its US-based sales capabilities and secure regulatory approvals for its iFuse Implant System in over a dozen countries across Asia, the Middle East and South America.
Novo and investment firm Orbimed participated in the round as new investors, while existing backers Skyline Ventures and Montreux Equity Partners also invested. Montreaux led SI-Bone’s last funding round, a $16m round in 2011, while Skyline led an $11m round in the preceding year.
Including a 2009 seed round, SI-Bone has now raised $61.5m in funding since it was founded in 2008.