AUSTIN, Texas–(BUSINESS WIRE)–Ortho Kinematics‚ Inc. (OKI), a privately held healthcare diagnostics company focused on spine imaging informatics, announced today the close of a $9.6 million Series C equity financing to expand commercialization of the VMA (Vertebral Motion Analysis), the company’s flagship product for the radiographic assessment of spinal motion and instability.
Investors in the Series C included Medtronic, Inc.; TEXO Ventures, an early stage technology venture fund focused on the business of healthcare; MB Venture Partners, a venture capital firm that provides capital and strategic direction to life sciences companies; and other previous and new investors. Terms of the financing were not disclosed. Gary Stevenson, co-founder and Managing Partner of MB Venture Partners, has joined the OKI board of directors.
Spine neurosurgeon, Dr. Reginald Davis, commented on the technology saying, “My patients benefit from getting a VMA. The VMA provides the clinical information of traditional x-rays, as well as tremendous biomechanical insight from motion analysis that can impact diagnostic and treatment decisions. To improve spine care, diagnostic capabilities must also improve.”
These new funds will support the continued commercialization of the VMA. After securing FDA clearance for the VMA and completing a successful limited-scale commercial launch, the company is currently ramping up efforts to support a full scale commercial launch within the U.S. and Europe. These funds will be used to expand sales and marketing efforts as well as for limited research and development activities.
Paul Gunnoe, CEO of OKI said, “This current round of financing is a strong vote of confidence and will give OKI the resources to support ambitious growth. The VMA is disrupting 60+ year old methods of diagnosing spine issues, and we believe this type of innovation is long overdue. We are leading in this area and are humbled by the support we have received.”
