By Varun Saxena
Connecticut’s Woven Orthopedic Technologies has now raised $6.6 million in equity financing since inception in 2013, thanks to the recent sale of more than $4 million worth of capital. The company also raised the amount of equity on offer from a previous $5.5 million to $8.6 million, saying the latest financing was oversubscribed.
The fundraising effort included participation from orthopedics-focused VC firm Viscogliosi Bros, whose members serve as directors of the company. According to the SEC filing, $2.1 million of the offering has been or is proposed to be used to pay executive officers from 2013 to 2015. In addition, and estimate $228,400 was paid in sales commissions.