Waterloo-based medical technology company Intellijoint Surgical Inc has secured $11 million in a Series A financing. The round was led by undisclosed private investors in the Waterloo-Toronto corridor, the company said. Founded in 2010 by CEO Armen Bakirtzian, CSO Richard Fanson and CTO Andre Hladio, Intellijoint is a developer of 3D mini-optical navigation solutions for surgery. The company’s flagship product, intellijoint HIP, provides surgeons with intraoperative measurements to ensure positioning of orthopaedic implants. The funds raised will be used to enhance the product offering and expand its launch in U.S. markets.
Photo (left to right): Richard Fanson, Armen Bakirtzian and Andre Hladio, founders of Intellijoint Surgical Inc.
Intellijoint Surgical® Raises $11MM to Expand the US Launch of intellijoint HIP®
November 1, 2016 (Waterloo, Ontario) – Intellijoint Surgical®, Inc., an innovative medical technology company that develops and commercializes 3D mini-optical navigation solutions for surgery, is excited to announce the completion of its Series A with $11MM in financing. The Series A was led by private investors from the Waterloo-Toronto corridor and closed in multiple tranches. Intellijoint is committed to improving patient outcomes through innovative technology made accessible for every patient, every surgeon and every healthcare facility.
“The US launch of the next generation intellijoint HIP® earlier this year is being extremely well received in the marketplace and is seeing significant growth,” commented Intellijoint Surgical® CEO and Co-Founder, Armen Bakirtzian.
“This Series A capital will allow Intellijoint to enhance its product offering with the Direct Anterior Approach Application and allow for expansion into new US markets while enabling deeper penetration of Intellijoint’s presence in New York and Illinois.”
Intellijoint Surgical’s flagship product, intellijoint HIP®, is a mini-optical navigation solution that assists orthopaedic surgeons in reaching preoperative surgical targets by providing real-time, intraoperative measurements for cup position, leg length, offset and hip center of rotation during a Total Hip Arthroplasty (THA). intellijoint HIP® has been used in over 500 procedures in Canada and US, and is both Health Canada licensed and FDA approved.
“Intellijoint has addressed the shortcoming of traditional navigation. The miniature optical camera provides accurate measurements while compensating for patient movement, which is routine during a total hip replacement. It provides me with valuable information and I choose to use it in every case,” added Dr. Wayne Paprosky, Midwest Orthopaedics at Rush and member of Intellijoint’s scientific medical advisory board.
About Intellijoint Surgical, Inc.:
Intellijoint Surgical® develops and commercializes surgical navigation solutions. Intellijoint’s flagship product, intellijoint HIP® provides surgeons with real-time, intraoperative measurements to ensure proper positioning of orthopaedic implants during Total Hip Arthroplasty. Intellijoint is committed to driving clinical results through the development of solutions that are accessible, fast, and easy-to-use. Guided by a scientific advisory board comprised of Dr. Allan Gross, an orthopaedic surgeon at Mount Sinai Hospital, and members, Dr. Javad Parvizi at Thomas Jefferson University Hospital, Dr. Michael Cross at Hospital for Special Surgery, Dr. Wayne Paprosky at Rush University Medical Center, and Dr. Ran Schwarzkopf at NYU School of Medicine, Intellijoint is setting the new standard in miniature 3D surgical navigation.
Intellijoint Surgical has plans to use its core technology to expand into other orthopaedic procedures.
Intellijoint Surgical is the recipient of the 2015 North American Frost & Sullivan Enabling Technology Leadership Award and the Futurpreneur Shopify True Grit Award 2016.
For more information, please visit: www.intellijointsurgical.com
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M: (647) 861-6800
Photo courtesy of MaRS Discovery District