Inovedis Announces Close of Series A Funding Round

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News Article

Raises $4 Million in New Equity Funding

ALBSTADT, Germany – October 4, 2023 – Inovedis GmbH, a medical technology start-up dedicated to offering innovative solutions that contribute both to optimized patient care as well as minimizing the complexity of surgical interventions, announced the successful close of a Series A funding round totaling $4 million. This funding was supported by participation from all of Inovedis’s initial seed round investors including High-Tech Gründerfonds, MBG Mittelständische Beteiligungsgesellschaft Baden-Württemberg, Volksbank Albstadt ChancenKapital, Start-UP BW Innovation Fonds, angel investors, and an initial investment by Renolit SE, the current manufacturer of the SINEFIX implant.

Inovedis will use the recent funding to support the commercial launch of the SINEFIX® implant system in the United States where there are over 1 million rotator cuff surgeries each year. The funding will also go towards sponsoring a clinical study taking place in Germany to generate data needed in support of CE marking and expansion of sales into Europe.

SINEFIX allows refixation of the rotator cuff tendon to bone with a simplified surgical technique optimized for minimally invasive surgery. The new technique requires minimal instrumentation, and removes the complexity of suture management and knot tying which is time-consuming, and requires an extensive range of instruments.

Approximately 70% of all patients have a partial thickness rotator cuff tear, while only 28% have a full thickness tear. SINEFIX offers an effective treatment solution for small and partial thickness tears. In contrast to current treatment options, there is no need to detach the tendon completely prior to reattachment and fills an important gap in treating rotator cuff patients.
Prof. Dr. Philip Kasten, orthopedic surgeon and lead investigator in the SINEFIX CE mark clinical study

The SINEFIX surgical technique will shorten the procedure time and potentially improve the tendon to bone fixation while using less implants. This is due to the higher pull-out forces than double row fixation with suture anchors allowing the implant to be used in porous bones. This simplified technique is designed to reduce the risk of complications due to surgical errors and significantly shortens surgery time, contributing to time and cost savings in clinical surgeries.
Dr. Stefan Welte, inventor of SINEFIX and co-founder

The new funding brings significant financial capital to accelerate the launch of SINEFIX and innovations that promote improvements in the way rotator cuff tears are treated today. We are looking forward to starting a limited market release in the U.S. to begin gathering experience around SINEFIX and working on future product generations.
Lukas Flöss, Founder and CEO

ABOUT INOVEDIS
Inovedis GmbH is a medical technology start-up dedicated to offering innovative solutions that contribute both to optimized patient care as well as minimizing the complexity of surgical interventions. Since its founding in 2019, Inovedis has been developing SINEFIX™ to simplify rotator cuff tear surgery and improve patient outcomes. SINEFIX received FDA clearance in 2023.

SINEFIX is not approved for sale outside the U.S.

To learn more, visit our website and follow us on LinkedIn.

Media contact:
Lukas Flöss, Founder and CEO
Lukas.Floess@Inovedis.de
Phone: +49 (0) 7432 – 13099 20

About High-Tech Gründerfonds
The seed investor High-Tech Gründerfonds (HTGF) finances tech start-ups with growth potential and has supported more than 700 start-ups since 2005. With the launch of its fourth fund, HTGF now has about 1.4 billion euros under management. Its team of experienced investment managers and start-up experts support young companies with expertise, entrepreneurial spirit and passion. HTGF’s focus is on high-tech start-ups in the fields of digital tech, industrial tech, life sciences, chemistry and related business areas. To date, external investors have injected about 5 billion euros of capital into the HTGF portfolio via more than 2,000 follow-on financing rounds. In addition, HTGF has already successfully sold shares in more than 170 companies.

Fund investors in this public-private partnership include the German Federal Ministry for Economic Affairs and Climate Action, KfW Capital and 45 companies from a wide range of industries. 

Media contact 
High-Tech Gründerfonds Management GmbH 
Tobias Jacob, Senior Marketing & Communications Manager  
T.: +49 228 – 82300 – 121
t.jacob@htgf.de 