Benvenue Medical Inc. announced it has completed a round of financing amounting to $60 million. According to a press release, the company will use the money to accelerate the U.S. commercialization of its Luna 3-D Interbody Fusion System and its Kiva Vertebral Compression Fracture Treatment System.
The financing comes from $23 million in supplemented equity and $37 million in debt. According to the Benvenue Medical press release, DeNovo Ventures, Domain Associates, Esquilime Partners, InterWest Partners, Technology Partners and Versant Ventures provided the equity financing. The sole debt provider was CRG, which also participated in the equity financing.
Co-founder and managing director of Versant Ventures, Donald Milder, will join the board of directors for Benvenue.
“We welcome Donald Milder as a board member, and we are thankful for the support from our existing investors and CRG,” Robert K. Weigle, chief executive officer of Benvenue Medical, said in the press release. “We believe the large investment in our company is due to the tremendous physician interest in our products and Luna in particular as an important advancement in minimally invasive spinal fusion.”