Ortho Kinematics, a US-based healthcare diagnostics company backed by medical device manufacturer Medtronic, has closed $18.6m in series D funding from unnamed investors.
Founded in 2006, Ortho Kinematics has developed a system to assess spinal instability and alignment through radiography. Dubbed vertebral motion analysis (VMA) technology, the product can be used to diagnose and help treat back pain.
Ortho will use the money to support a broader commercial launch and further development of its technology. It intends to boost its sales and marketing activities as well as increase manufacturing and R&D efforts.
The company had previously received approximately $25m in total funding, according to securities filings. Medtronic contributed to a $9.6m series C round in 2015 alongside venture capital fund Texo Ventures, VC firm MB Venture Partners and unnamed existing and new backers.
Ortho’s past investors include VC firm PTV Sciences, investment firm Gatebridge Investments and Texas Emerging Technology Fund, an investment fund created by the US state of Texas that was abolished and replaced by the state-owned University Research Initiative in 2015.
Paul Gunnoe, chief executive of Ortho Kinematics, said: “This current round of financing is a strong vote of confidence that will provide Ortho Kinematics the ability to begin meeting the VMA demand seen from patients and caregivers.
“In the area of spine diagnostics, functional diagnostic testing is long overdue. Ortho Kinematics is the commercial leader in spinal diagnostics and we are humbled by the support we have received.”