Proceeds to Support Commercial Ramp & New Product Development of the Saber® Technology Platform
September 19, 2022
MONTEREY, Calif.–(BUSINESS WIRE)–Elevation Spine, Inc., the leading innovator of integrated-fixation spinal technologies, today announced the completion of its Series B Preferred Stock financing, totaling $11 million. The funding was led by Technology Venture Partners (“TVP”) and included participation from Mutual Capital Partners (“MCP”) and existing investors. The company also announced the appointment of Donald Bossi and Bryson Hollimon, both of Technology Venture Partners, to its Board of Directors.
Elevation Spine plans to use the proceeds from the financing to ramp the commercial production of Saber-C® as well as support product development of future product extensions of the company’s Saber® Technology platform of products.
“We are excited to support the Elevation Spine team at this critical growth stage. Saber Technology is an important advancement in spinal fusion technologies,” said Don Bossi of TVP. “It allows surgeons to access hard-to-reach areas of the spine more easily and with fewer procedural steps. This differentiated technology provides significant advantages to the surgeon and the patient over current technologies and has a very exciting future.”
“Elevation Spine welcomes TVP and MCP to our team of investors,“ said Charles Gilbride, CEO of Elevation Spine. “This funding provides Elevation Spine with the capital to build out a full commercial team and expand the use of the Saber-C system. We will concurrently develop additional products utilizing Saber Technology to establish Saber as the leading platform technology in spinal fusions.”
About Elevation Spine
Elevation Spineis the leading innovator of integrated-fixation spinal technologies. The company’s proprietary technology platform, Saber® Technology, is an innovative and differentiated approach to traditional spinal systems, focusing on improving patient outcomes. To learn more about Elevation Spine, visit www.elevationspine.com.
About Technology Venture Partners
Technology Venture Partners is driven to transform unique, high-potential technology companies into successful businesses and market leaders. Our focus on growth equity investments allows us to use our financial expertise, industry knowledge, and strategic insight to guide entrepreneurs and company leaders into positions of strength. TVP’s team of principals has more than 50 years of successful venture-investing experience, including direct involvement in over $25 billion of transactions for technology companies. To learn more about Technology Venture Partners, visit www.tvp.com.
About Mutual Capital Partners
Mutual Capital Partners is a Cleveland-based growth equity fund investing in rapidly growing healthcare software and medical device companies. MCP’s key focus is management, and we work closely with our portfolio companies and the entrepreneurs who lead them, providing customer introductions and ongoing advice and counsel. MCP is committed to entrepreneurialism, working with entrepreneurs and venture partners to assist our portfolio companies through the capital continuum. To learn more about Mutual Capital Partners, visit www.mutualcapitalpartners.com