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Start-up Avenir Medical receives $3.3 million in financing

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Avenir Medical has secured $3.3 million in financing for development of intelligent instruments used in total joint replacement surgery. The medical device company is based in Waterloo, Ontario, Canada

Avenir Medical's intelligent instruments integrate microelectronics and miniature optical sensors to calculate and display real-time measurements of implant position and alignment, according to a company press release. The company's flagship product is for guiding hip replacement, and the same technology will be applied to knee replacement and other surgical procedures.

"This funding will accelerate our clinical and commercialization plans in North America and Europe where the potential market is more than 2 million hip and knee replacements a year," Armen Bakirtzian, CEO of Avenir Medical, stated in the release.