Waterloo-based Intellijoint Surgical Inc. is the latest proof that startups don’t necessarily have to leave home to raise money.
The medical technology company today announced the completion of an Cdn$11-million Series A funding round led by private investors from the Toronto-Waterloo tech corridor.
“One of the important things to note here is we have been able to raise all of the funds in Canada," Armen Bakirtzian, the startup's co-founder and CEO, told the Waterloo Region Record.
“I think it shows the tremendous support we have in our ecosystem, and in the Toronto-Waterloo corridor. I think they are putting their money into our company because they see great potential.”
Intellijoint Surgical develops and commercializes surgical navigation solutions. The firm’s flagship product, intellijoint HIP, provides surgeons with real-time, intraoperative measurements to ensure proper positioning of orthopaedic implants during hip joint replacement.
The first clinical use of Intellijoint HIP in Canada was at Mount Sinai Hospital in Toronto in December of 2013. The first surgical use of the product in the U.S. was at Massena Memorial Hospital in Massena, N.Y., in September of 2014.
The funding will allow Intellijoint to more aggressively expand into new U.S. markets and enhance the company’s presence in New York and Illinois. The company intends to broaden the use of its technology for other orthopaedic procedures.
The company has a staff of 33, with the majority based in Waterloo Region. It has embarked on a hiring round in Waterloo, New York and Chicago.
