Benvenue Medical Secures $64 Million Financing (press release)
Benvenue Medical, Inc., a developer of minimally invasive solutions for spine repair, announced it completed a $64 million round of financing. The spine company intends to use the proceeds to build its US commercial presence, scale up manufacturing, increase administrative functions to support overall corporate growth and provide working capital to fund growth in operating activities.
The financing is a combination of $40 million in Series E equity supplemented with $24 million in debt. The Series E equity financing was led by new investor InterWest Partners with all existing major investors participating and Silicon Valley Bank was the sole debt provider. "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," commented Robert Weigle, C...
