OrthAlign, Inc. Completes $15M Round of Financing to Fuel OrthAlign Plus® Launch, Sales and Marketing Expansion, and International Markets Growth
Aliso Viejo, CA – November 6, 2014 – OrthAlign, Inc., a privately held U.S. based medical device and technology company, announced today the completion of a $15.0 million preferred series capital raise led by current OrthAlign investors, River Cities Capital Funds, a growth equity firm investing in healthcare and IT companies, and Mutual Capital Partners, a venture fund investing in rapidly growing, post-revenue technology businesses.
“River Cities has had the opportunity to watch OrthAlign’s technology platform mature, see the build out of its team, and to witness the impressive growth of the business over the past several years. We look forward to partnering with OrthAlign as the company continues to equip surgeons with the tools and information necessary to deliver their patients the highest quality care and consistency every time they operate,” says Carter McNabb, River Cities Managing Director.
The growth capital will be used to launch the new hip product OrthAlign Plus®, increase OrthAlign’s sales and marketing activities, and continue its international distributor expansion. River Cities, Mutual Capital Partners, and the other preferred series shareholders have the ability to provide additional working capital to fund future growth initiatives as strategic opportunities arise. OrthAlign’s precision alignment technology continues to grow in the global marketplace as more and more surgeons are seeing the value in its accuracy and simplicity. KneeAlign®, which provides both tibial and femoral navigation in a simple, palm-sized, single use device and is compatible with all implant systems, has already been used in more than 21,000 cases, worldwide. OrthAlign Plus, which will be commercially available in early 2015, provides a revolutionary and cutting edge handheld alternative in navigation technology for Total Hip Arthroplasty surgery, allowing surgeons to consistently position the acetabular cup and confidently measure leg length and offset.
Wayne Wallace, a partner at Mutual Capital Partners, added, “We spoke with many of OrthAlign’ s orthopedic surgeon, hospital, and distribution customers and were impressed with the enthusiasm expressed by key opinion leaders at world renowned medical institutions using OrthAlign technology. OrthAlign has the core technology and team needed to build a significant business in a large high-growth market. We look forward to helping the team and building on prior success in the orthopedic space.”
“It’s obvious that the orthopedics landscape is changing considerably. Further differentiation and technological advancement in joint products has become increasingly difficult. The market is now turning to surgical tools and technologies that will make surgeons more accurate, give them greater confidence through real-time data, and provide repeatability. OrthAlign is in a prime position to take advantage of this market opportunity by introducing new products, increasing the reach of our sales and marketing efforts, and expanding internationally,” said William E. Maya, OrthAlign’s Chief Executive Officer. “We are pleased that River Cities and Mutual Capital Partners share our vision and confidence in OrthAlign technology.”
About OrthAlign, Inc.
OrthAlign is a privately held, U.S. based, medical device company committed to providing orthopedic surgeons with user-friendly, cost-effective, precision alignment technology and products. We believe that our technology raises the standard of care in Total Knee and Total Hip Arthroplasty surgeries by making consistent and measurable results accessible to all surgeons, hospitals, and patients. Our strategy is to leverage this technology to provide simple and precise alignment solutions for a broad range of orthopedic procedures. For more information regarding OrthAlign, please visit www.orthalign.com.
About River Cities Capital Funds
River Cities invests in world class management teams − backing progressive, proven leaders in the markets of healthcare and information technology. A consistent, cohesive team has honed its strategy over four prior funds with compelling performance. With more than $500 million of capital raised and a 20-year track record of success, River Cities has established itself as a preferred source of growth capital. The Firm, located in Cincinnati, OH and Raleigh, NC, is actively seeking new investments for its $200M Fund V. For more information regarding River Cities, please visit www.rccf.com.
About Mutual Capital Partners Funds
Mutual Capital Partners Funds invest in rapidly growing, post-revenue, technology businesses. MCPF’s investors are successful executives from across the U.S. and combine the best elements of an angel fund into committed capital, professionally-managed venture funds. For more information regarding Mutual Capital Partners, please visit www.mutualcapitalpartners.com.
“ORTHALIGN®, ORTHALIGN PLUS®, KNEEALIGN® are [registered] trademarks of OrthAlign, Inc.”