Carlsmed Raises $10M to Commercialize Breakthrough aprevo™ Devices

SAN DIEGO--(BUSINESS WIRE)--Today, Carlsmed, Inc. announces the close of a $10M Series A financing to commercialize the aprevo family of spine deformity correction devices. The San Diego-based medical device company is focused on improving outcomes for patients with adult spinal deformity. Carlsmed has pioneered a novel digital + surgical solution to create optimized surgical plans and personalized aprevo implants to enable superior correction of the spinal deformity. This round of financing is led by U.S. Venture Partners (USVP) and includes participation from The Vertical Group, Cove Fund, and Wavemaker Three-Sixty Health, among others.

“This round of financing comes at the perfect time to meet surgeon and patient demand for the newly launched Breakthrough aprevo devices,” said Mike Cordonnier, CEO of Carlsmed. “U.S. Venture Partners is the right fit for our digital + surgical company, being the leading Silicon Valley VC focused on early stage IT and healthcare. Their track record of building and scaling transformative companies is second to none.”

New Company Directors Named

In conjunction with the Series A closing, the Company announces the appointment of three highly accomplished directors to the board, Jonathan Root, M.D., Phil Young, and Kevin Sidow.

Dr. Jonathan Root is a General Partner at USVP and is currently serving on the board of Inari Medical (NARI), Silverback Therapeutics (SBTX) and several private USVP portfolio companies including Cleave Biosciences, eFFECTOR Therapeutics, Edgewise Therapeutics, HealthJoy, Nuvaira, Okami Medical, Omada Health, Ribon Therapeutics and Route 92 Medical.

Phil Young previously represented USVP on the boards of Aerogen, CardioThoracic Systems, CardioVascular Imaging Systems, CoCensys, Compugen, FemRx, Penederm, 3Dfx Interactive, Vical, Xoma, RelayHealth, Synarc and St. Francis Medical Technologies, all of which became public companies or were acquired.

Kevin Sidow brings more than 35 years of operational and corporate governance experience in spine and orthopedics. Kevin is past CEO of St. Francis Medical Technologies and Moximed, as well as past Worldwide President of DePuy Orthopedics, a Johnson & Johnson Company.

Frank Fitzgerald joins as VP of Sales

The company also announces the expansion of its commercial team with the addition of Frank Fitzgerald as Vice President of Sales. Frank is responsible for building the Company’s sales and distribution channels in the US. He brings to Carlsmed more than twenty-five years of success in launching spine surgery devices at startups and market leaders including Medtronic, Innovasis and Misonix.

About Carlsmed

Carlsmed is leveraging Machine Learning technologies and prior outcomes data, to personalize the treatment of complex adult spinal deformities. The Company’s proprietary aprevo solution makes surgical plans and devices tailored to the precise medical situation of each patient. Our mission is to transform healthcare by finally giving spine surgeons the tools to obtain better results at a lower cost of treatment while helping adults regain their active lifestyles.

Carlsmed is an alumni of EvoNexus, California’s most successful nonprofit startup technology incubator, and is a Connect | San Diego Venture Group 2020 Cool Company.

About U.S. Venture Partners (USVP)

USVP is a leading Silicon Valley venture capital firm, partnering with entrepreneurs to transform their ideas into world-changing companies. USVP has invested in over 500 companies spanning four decades, including: Box, Check Point Software, Guidewire, HeartFlow, HotelTonight, Imperva, Inari Medical, Inspire Medical Systems, Intersect ENT, Luminate, Omada Health, Pluto TV, Prevoty, Sequent, ThreatMetrix, Trunk Club, Trusteer, Vontu, Yammer and Zerto. USVP focuses on early-stage start-ups that transform cybersecurity, enterprise software, consumer and healthcare. The USVP team consists of former entrepreneurs, technologists, corporate executives, and financial professionals who assist with strategy, scaling, team building, product development, and business development. USVP is based in Menlo Park, California.