OrthAlign, a medical device firm in Aliso Viejo, Calif., has closed $15 million in funding. River Cities Capital Funds and Mutual Capital Partners led the round.
OrthAlign, Inc., a privately held U.S. based medical device and technology company, announced today the completion of a $15.0 million preferred series capital raise led by current OrthAlign investors, River Cities Capital Funds, a growth equity firm investing in healthcare and IT companies, and Mutual Capital Partners, a venture fund investing in rapidly growing, post-revenue technology businesses.
“River Cities has had the opportunity to watch OrthAlign’s technology platform mature, see the build out of its team, and to witness the impressive growth of the business over the past several years. We look forward to partnering with OrthAlign as the company continues to equip surgeons with the tools and information necessary to deliver their patients the highest quality care and consistency every time they operate,” says Carter McNabb, River Cities Managing Director.
The growth capital will be used to launch the new hip product OrthAlign Plus®, increase OrthAlign’s sales and marketing activities, and continue its international distributor expansion. River Cities, Mutual Capital Partners, and the other preferred series shareholders have the ability to provide additional working capital to fund future growth initiatives as strategic opportunities arise.
OrthAlign’s precision alignment technology continues to grow in the global marketplace as more and more surgeons are seeing the value in its accuracy and simplicity. KneeAlign®, which provides both tibial and femoral navigation in a simple, palm-sized, single use device and is compatible with all implant systems, has already been used in more than 21,000 cases, worldwide.