EvoNexus Company, Carlsmed Raises $52.5M in Series C Financing to Advance Personalized Spine Surgery

EvoNexus Company, Carlsmed Raises $52.5M in Series C Financing to Advance Personalized Spine Surgery

“One year before a world-wide pandemic occurred, Carlsmed applied to enter EvoNexus. Their plan was to leverage a variety of technologies that would create a surgical plan to significantly improve the outcome of patients requiring spinal surgery,” said Rory Moore, Co-Founder & CEO of EvoNexus. “The first application for their surgical technique were patients suffering from spinal deformity in the lumbar region. This was an area where revision surgery occurred far too frequently. Their plan was to improve the outcome and reduce the need for additional surgery. Carlsmed’s incubation phase at EvoNexus is best described in the timeline shown below. It was our privilege to be able to provide significant assistance to the startup, especially during unprecedented times in healthcare.”

BUSINESS WIRE / CARLSBAD, CA / MARCH 18TH, 2024 / Carlsmed, an AI-enabled personalized surgery Medtech company, announced today a $52.5M Series C funding round co-led by B Capital and U.S. Venture Partners. These proceeds will be used to accelerate the commercialization of the aprevo® personalized spine surgery platform for lumbar fusion procedures and the development of aprevo® for cervical fusions, which will launch in 2025.

“We started Carlsmed to improve patient outcomes through personalized surgery, and recent clinical publications indicate that aprevo® patient specific implants are achieving this goal,” stated Mike Cordonnier, CEO of Carlsmed. “Our AI-enabled technology platform and innovative business model allows us to scale production rapidly to meet growing demand and empower patients.”

Dr. Robert Mittendorff, General Partner and Head of Healthcare at B Capital, said, “Carlsmed is transforming spine surgery through the application of its AI-enabled technology and has proven to be a category creator in a market overdue for meaningful innovation. Personalized surgery will be the standard of care in spine, and we look forward to supporting this transformation led by Carlsmed.”

Carlsmed has received Breakthrough Device designation by the FDA for aprevo® lumbar and cervical patient-specific interbody fusion devices. The Carlsmed implantable devices and software platforms are FDA cleared for lumbar spine fusion, including anterior, lateral, and transforaminal approaches.

SOURCE: Jodi Allen for Carlsmed via Business Wire

About Carlsmed

The Carlsmed mission is to improve outcomes and decrease the cost of healthcare for spine surgery. The aprevo® personalized surgery platform is designed to advance the standard of care for spine surgery one patient at a time. Learn more by visiting the Carlsmed website here.

About B Capital

B Capital is a multi-stage global investment firm that partners with extraordinary entrepreneurs to shape the future through technology. With more than $6 billion in assets under management across multiple funds, the firm focuses on seed to late-stage venture growth investments, primarily in the enterprise, financial technology and healthcare sectors. Founded in 2015, B Capital leverages an integrated team across nine locations in the US and Asia, as well as a strategic partnership with BCG, to provide the value-added support entrepreneurs need to scale fast and efficiently, expand into new markets and build exceptional companies. For more information, click here.

About US Venture Partners

U.S. Venture Partners (USVP) is a leading Silicon Valley venture capital firm. USVP has invested in over 500 companies spanning four decades. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer and healthcare. USVP is based in Menlo Park, California. For more information, click here.

About EvoNexus

EvoNexus is California’s leading nonprofit technology startup incubator located in San Diego. EvoNexus has successfully incubated over 260 startups with a survival rate of over 85%. Since the incubator’s formation in 2010, EvoNexus companies have secured over $1.6B in venture funding, $10B in pre-exit valuation, and had 51 acquisitions valued at over $2.1B. EvoNexus is supported by corporate partners, including some of the largest multinational corporations in the world. Learn more at evonexus.org.