Privately held medical technology company Accelus has received a $12 million series D investment from Concord Innovation Fund II to accelerate its work on minimally invasive spinal surgery research.
Accelus also named Joseph Swedish, Concord Health Partners co-founder and partner, to its board of directors.
"We are thrilled to announce Joseph Swedish as a new member of our board and to cement our relationship with Concord Health Partners, which shares our enduring commitment to lowering costs and expanding access to quality healthcare," Chris Walsh, CEO and co-founder of Accelus, said in a July 12 press release.
"Joe's proven ability to create massive value at the helm of both payors and providers, along with our current board's device prowess, completes Accelus's powerful trifecta in this space. We thank the team at Concord and look forward to deploying this and additional Series D capital to execute on our goal of accelerating the move to minimally invasive spine surgery."
Accelus plans to use the financing to expand its product portfolio and drive commercialization in the U.S. markets.
It will continue to expand products and techniques including spinal implant solutions and robot-enabled minimally invasive techniques for both hospitals and ASCs.
In 2021, Accelus saw a 63 percent revenue increase from 2020, ending the year with a $27.5 million valuation.
This growth was driven by the company's flagship product, FlareHawk expandable interbody fusion devices.
Mr. Swedish has served as chair, president and CEO of Anthem; president and CEO of Livonia, Mich.-based Trinity Health; president and CEO of Centennial, Colo.-based Centura Health; and a division president for Nashville, Tenn.-based HCA Healthcare.
"Our investment in Accelus represents an exciting opportunity for Concord, as it is aligned with our goal of partnering with companies who are disruptors of the status quo and who are poised to enhance the overall value of care," Mr. Swedish said in the release. "The use of MIS techniques in spinal fusion procedures remains underpenetrated and significant limitations exist for current spine surgery robotic systems. With a growing focus on shifting the standard of care to MIS, we believe Accelus offers key enabling technologies to address unmet clinical needs and are confident they are well-positioned to become a leading innovator in the spinal health market."