Spinal implant manufacturer Globus Medical today announced that it has raised $110 million in its first round of institutional funding. That’s a big deal. In fact, it’s the biggest venture capital deal of 2007 — but not by much.

Just two months ago, another company also announced that it had raised a $110 million round. That would be CardioNet, which makes mobile cardiac outpatient monitors and has since filed for an IPO. So it would appear to be a draw, at least based on press releases.

So we need to go to the videotape, which in our case will be Form D filings. They show that CardioNet raised $110 million on the nose, but that Globus Medical actually scored an extra $1.65. To be clear, that $1.65 is not in millions — it’s actually the price of a fast-food cheeseburger or a box of thumb tacks. Nonetheless, Globus Medical stands alone!

A few other notes on this deal:

• The round is officially listed as a Series E, but this is effectively the company’s first round of funding.
• Don’t expect an IPO filing for at least the next two years.
• Clarus Ventures led the deal in the traditional sense, which means that it both set the terms and provided the most capital. The Cambridge, Mass.-based firm’s $500 million debut fund is expected to be out of dry powder by early Q1 2008, so LPs can expect marketing to begin before year-end.
• The only other listed investor was AIG SunAmerica, but the Form D also lists Goldman Sachs. Banc of America Securities served as placement agent.
• The company has been profitable for years, but felt it needed a major infusion for several reasons: (A) Most of its growth to-date had been on the East Coast, and it wants to expand to the Midwest and West; (b) It is going to have three or four new clinical trials over the next year; (c) It has some debt to pay off; (d) It has a few small acquisitions in mind.
• Globus chief financial officer Dave Demski said: “We wake up every day with the goal of becoming Danek, the spinal implant division of Medtronic.”