ConforMIS Adds $89M to Expand Sales, Manufacturing, Technology (Erin Kutz @ Xconomy)
Burlington, MA-based ConforMIS, a medical device company with a newly FDA approved knee replacement system, announced today that it has secured $89 million in a Series E investment.
The money comes from London-based AGC Equity Partners, New York-based Axel Johnson, government investment funds from Asia and the United Arab Emirates, as well as other private equity funds in the U.S., Europe, Asia and the Middle East. ConforMIS raised $50 million in Series D financing in July 2009 from sovereign funds of Kuwait and Singapore, and private equity investors such as Aeris Capital of Zurich, Switzerland, and Palo Alto, CA. CEO Philipp Lang says many of the startup’s return backers participated in the newest funding round.
Lang noted that the Series E investors are largely private equity investors focused on public transactions, meaning that if the time comes, they could invest the amount they did in the Series E in an initial public offering. So, is an IPO in the works for ConforMIS?
“This fundraise is very execution focused,” says Lang. “[An IPO] is not the primary objective for us right now.”
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