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Benvenue Medical secures $64 million in financing

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Benvenue Medical Inc. announced the recent completion of a $64 million round of financing. According to a press release, the company, which develops minimally invasive a developer of minimally invasive solutions for spine repair, will use the financing to build its U.S. commercial presence, scale up manufacturing, increase administrative functions to support overall corporate growth and provide working capital to fund growth in operating activities.

“We welcome new investor InterWest Partners, and we’re gratified by the continued support from our existing investors and Silicon Valley Bank, who has been our long-standing banking partner. We believe the large investment in our company is due to Kiva’s successful U.S. launch, the Luna device bearing a CE mark and its upcoming FDA submission. We’re all very excited about the enthusiastic response we’ve received from the spine community,” Robert Weigle, CEO of Benvenue Medical, stated in the press release.

The financing is a combination of $40 million in Series E equity supplemented with $24 million in debt. The equity financing was led by investor InterWest Partners.

In other developments, Benvenue also welcomed Gil Kliman, MD, from InterWest Partners to its board of directors.