Medical Device Maker Secures $5.5M Funding Round

(Image courtesy of Nanovis.)

A medical device manufacturer headquartered in Carmel has received a $5.5 million boost. The investment in Nanovis includes Indiana participants such as Indianapolis-based Elevate Ventures, 1st Source Capital Corp. in South Bend, the Purdue Research Foundation’s Foundry Investment Fund — launched as a partnership between PRF and Bloomington-based Cook Medical — and Carmel-based Ellipsis Ventures. Commenda Capital LLC in Georgia also contributed.

Nanovis says the funds will support working capital and sales needs created by "surging demand" for its spinal implants that use nanotechnology. The company says its products reduce complications related to fixation and infection.

Chief Executive Officer Matt Hedrick says "investors recognized that Nanovis’ technology portfolio offers interbodies with the best combination of a deeply porous bone interface scaffold with a tailored nanotube surface and bridging bone visualization. Nanovis’ nanotube surface is the only nanotechnology in the spine market with which scientists can customize and control the spacing of the nanofeatures."

Nanovis will be showcasing its medical device technology at the North American Spine Society annual meeting in late September. You can connect to more about the funding round by clicking here.