Indiana Investors Lead $5.5 Million Boost to Nanovis

Posted: Updated:
Nanovis makes nanotechnology-enhanced spinal implants. Nanovis makes nanotechnology-enhanced spinal implants.

A Carmel-based company that says it makes “superior” spinal implants is celebrating a $5.5 million investment round and preparing to reveal its newest technology. The backbone of Nanovis’ business is nanotechnology—a scale so small it’s nearly incomprehensible; it takes 80,000 nanometers to equal the diameter of a single human hair. Working in this microscopic environment, Nanovis is changing the surface of spinal implants and says the market is taking notice.

“[The funding] allows us to expand in response to the surge in demand, so we can get more of these implants into the hands of surgeons and patients who can benefit from them,” says Nanovis Chief Executive Officer Matt Hedrick.

Founded in 2006, the company specializes in creating spinal implants that are enhanced with nanotechnology; namely, Nanovis alters the surface of its spinal implants to improve fixation, or the process of new bone growing around the implant to hold it permanently in place.

Tissues in the human body are described as “nano rough;” on a nanometer scale, human tissue has uneven, rough surface features. Traditional implants, however, are described as “nano smooth,” lacking the same type of rough surface features found in human tissue; the mismatch between the two surfaces can impede new bone growth. Nanovis says its implants have surface “roughness” that mimics human tissue, which promotes new bone growth.

“There are some spinal procedures with pseudarthrosis rates that can reach up to the 10 or 20 percent range, which is a lot of patients,” says Hedrick. “Pseudarthrosis involves bone not growing where it should have.”

Nanovis says its portfolio of spinal implants has been “very well received,” and the company is now addressing a second major concern with spinal implants: infection. The company’s bactericidal surface technology is designed to prevent infections by killing bacteria that might come into contact with the implant. Hedrick says infections occur in about 8 percent of spinal procedures.

“These are people who are in a lot of pain and some deformed by the condition of the spine—such as scoliosis patients; these are teenage sons or daughters trying to get their spines straightened out, so they can have an improved lifestyle,” says Hedrick. “The last thing you want is for them to get some horrible infection that could be an absolute disaster for them.”

Nanovis believes the recent $5.5 million investment round will help it meet current demand and prepare for future growth and diversification.

“This funding round is instrumental in not only capturing the opportunity we have in front of us with our fixation technologies, but helping us set up the long-term growth driven by our bactericidal technologies,” says Hedrick. “It’s like iPhone’s strategy to keep upgrading iPhones each time; we have a similar strategy with implant technologies. We want to follow up all these fixation implants with an upgrade to bactericidal implants.”

Nanovis says it’s “a big deal” that Indiana investors provided 81 percent of the recent funding round, led by Elevate Ventures. Hedrick believes it showcases Indiana’s strengths in the orthopedic and technology sectors and the state’s ability to support small, innovative companies alongside the corporate giants.

“[The funding] allows us to keep growing here. We have a lot of very smart people who are very hard-working here and a lot of wonderful infrastructure around us in the ortho industry. We like it here, and we want to stay,” says Hedrick. “With our really rapid sales growth, a lot of new product launches and new technology coming up behind those, the next nine months will be one of the best times in Nanovis’ history.”

Hedrick says Nanovis’ fixation and bactericidal technologies are not limited to spinal implants.
Hedrick says Nanovis’ bacteria-fighting technology is increasingly important as more bacteria become resistant to antibiotics.
  • Perspectives

    • Richardson is a practice lead with Centric Consulting.

      How to Create Consistent and Positive Customer Experiences with Your Brand

      Everyone knows that keeping the consumer happy is the first priority. The importance of considering the customer’s experience in all areas of engaging with your business, not just customer service is becoming even more clear. I’m seeing an increasing number of my peers in the marketing world take ownership of the customer experience with their brands. As a result, we’re all learning how to borrow and...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (image courtesy of The Times of Northwest Indiana)

      U.S. Steel Updates Layoff Notice to State

      Pittsburgh-based U.S. Steel Corp. (NYSE: X) has updated the State of Indiana regarding its previously announced layoffs at the East Chicago Tin Mill. The company says 314, rather than 307, workers will be displaced when the mill is idled this fall. 

    • Red Star announced plans to expand and add 18 jobs.

      Larwill Medical Device Maker to Expand, Add Jobs

      A Whitley County-based medical device maker has announced plans to expand its facility in Larwill which should mean new jobs. Red Star Contract Manufacturing Inc. says it will invest $1.6 million in real estate improvements and additional equipment and will create 18 new jobs by 2022. 

    • Regal Beloit is closing in Valparaiso. (photo courtesy; The Times of Northwest Indiana)

      Valpo Bearings Plant to Close, Eliminating 160+ Jobs

      Wisconsin-based Regal Beloit Corp. and the union representing workers have reached an agreement about the closing of a helicopter bearing factory in Valparaiso. According to our partners at The Times of Northwest Indiana, the decision will cost between 160 to 170 workers their jobs. 

    • (WISH-TV Photo)

      Clif Bar Expands Indy Bakery

      California-based Clif Bar & Co. has completed a $10 million expansion of its commercial bakery in Indianapolis. The company says the project involved a more sustainable redesign of the facility for its employee-owners with a greater focus on energy efficiency.

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.