Waterloo-based Intellijoint Surgical, which develops 3D surgical navigation solutions for surgery, announced the close of an $11 million Series A.
The Series A was led by private investors from the Waterloo-Toronto corridor and closed in multiple tranches. The company plans to use the funding to expand on its US launch from earlier this year.
“The US launch of the next generation Intellijoint HIP earlier this year is being extremely well-received in the marketplace and is seeing significant growth,” said Intellijoint Surgical CEO and co-founder Armen Bakirtzian. “This Series A capital will allow Intellijoint to enhance its product offering with the Direct Anterior Approach Application and allow for expansion into new US markets while enabling deeper penetration of Intellijoint’s presence in New York and Illinois.”
Intellijoint HIP has been used in over 500 procedures in Canada and the US, and is both Health Canada licensed and FDA approved. HIP helps orthopaedic surgeons reach preoperative surgical targets by providing real-time, intraoperative measurements for cup position, leg length, offset and hip centre of rotation during a procedure called Total Hip Arthroplasty (THA).
“Intellijoint has addressed the shortcoming of traditional navigation. The miniature optical camera provides accurate measurements while compensating for patient movement, which is routine during a total hip replacement. It provides me with valuable information and I choose to use it in every case,” said Dr. Wayne Paprosky, Midwest Orthopaedics at Rush and a member of Intellijoint’s scientific medical advisory board.