Mequon-based Titan Spine LLC announced it has closed a “substantial” round of series B financing of an undisclosed amount.
The medical device developer’s current investment partner, Texas private equity firm Southlake Equity Group, led the round.
Southlake made its initial investment of $7.5 million in June 2016. It committed to another $7.5 million in a second tranche, which was deployed in February 2017.
Titan Spine said it will use the funding “to drive the next stage of growth of the company” through product line additions, sales team expansion and accelerated research and development. The company makes titanium spinal interbody implants with a specially grooved surface to promote bone growth, for use in spinal fusion surgeries.
Since launching in 2006, it has grown at a rate of more than 40 percent per year. More than 70,000 of its devices have been implanted, it has more than 50 patents and the company has grown to $63 million in revenue. A BizTimes Milwaukee cover story in May explored the company’s significant growth.
Over the past two years, the company has also accelerated the transition from its line of Endoskeleton interbody devices that include its original surface technology to those that feature its proprietary nanoLOCK surface technology.
“Titan Spine’s core business is to help patients that are suffering from back pain enjoy healthier, productive and pain-free lives as quickly as possible following surgery,” said Peter Ullrich, chief executive officer and president of Titan Spine. “Our nanoLOCK proprietary surface technology was designed to do just that by fueling the patient’s own healing mechanisms at the nano-level. The Series B round of financing will enable Titan Spine to help more patients with more products more quickly. We appreciate the continued support of Southlake Equity Group and are truly excited with the level of management investment in the Series B round.”
Tom Keene, managing partner of Southlake Equity Group, added: “We are pleased to lead the Series B round of financing and are very excited about working with the company as it continues to expand its ability to reach more patients. Titan Spine has grown at double digit rates for 12 years and has enormous potential in changing the landscape of surface technology-enhanced orthopedic products.”