Montreal-based Emovi has announced a $15 million CAD Series C with TVM Capital Life Science and co-investors StandUp Ventures and Desjardins Capital. This investment brings Emovi’s total funds raised to $20 million.
“These investments enable us to support clinical adoption of our product in Canada, the United States and Europe.”
Emovi said the funding will help drive the clinical adoption for its product, KneeKG, for more clinics and hospitals across North America. Emovi plans to continue to increase its employee headcount and production capabilities in the next few months. The company said it will focus on additional product adoption by health professionals in order to better support its expansion into the market.
“I am proud to partner with world-class venture capital funds to ensure that Emovi will become a major player in the global orthopedic and sports medicine field,” said Michelle Laflamme, President and CEO of Emovi. “These investments enable us to support clinical adoption of our product in Canada, the United States and Europe.”
Emovi was founded in 2007 following the creation of a knee evaluation system developed by the Imaging and Orthopedics Laboratory of the École de Technologie Supérieure. The system, called KneeKG, generates actionable data and insight regarding the movement of the knee joint.
Emovi was part of Pennsylvania-based Smart Health Innovation Lab’s inaugural class in 2018, and also has received investment from Boston Harbor Angels, a Boston-based angel investor. The leader of this series of funding, TVM Capital Life Science, provides venture capital to the international pharmaceutical, biopharmaceutical and medical technology industries.
“Emovi commercializes an innovative medical device targeting a very important need: the need to better understand and treat causes of knee pain with objective data. Our investment will position Emovi as a world leader while concurrently keeping its corporate roots in the province of Quebec,” said Dr. Luc Marengere, Managing Partner of TVM Capital Life Science. “Emovi will benefit from TVM Capital Life Science’s European and North-American network to facilitate its market access abroad.”
Image courtesy Emovi.