Embodya Darpa-funded manufacturer of medical devices for soft tissue healing closed $10.4 million in Series C funding Round led by Genesis Innovation Groups Special fund called “Cultain” (MD). The Vienna, Virginia-based company said it received more than $23 million in Darpa and Department of defense finance.
“This financing represents a notable step in Embody’s continued growth,” said the founder and CEO Jeff Conroy.
Embody has developed a regenerative platform with novel collagen-based biofabrication techniques and products such as rotator cuff repair for the fast-growing sports medicine market. The company plans to leverage the recent round of clinical trial funding following the launch of its recently launched Tapestry RC rotator cuff system and prepare for the commercial launch of its high-strength collagen-based ActivBraid suture technology in 2023.
Targeting an $11 billion market
Founded in 2014, Embody targets the rapidly growing sports medicine market, which is predicted to reach $11 billion annually by 2023. Its products develop novel biomaterials that can be used to repair tendon and ligament injuries. Its collagen-based biologics are designed to target and optimize both structure and chemistry, creating a microenvironment for healing, the company says.
Embody launched its first product, Tapestry – a biointegrative implant – in 2020. That year it launched Tapestry RC, an arthroscopic delivery and fixation system. The third product, slated for launch next year, is called ActivBraid, a line of high-strength collagen-based orthopedic sutures.
Based in Grand Rapids, Michigan, Genesis was founded by a trio of longtime friends and independent medical device entrepreneurs, Rob Ball, Jeff Ondrla and Don Running. Together, the three claim “more than a century of medical device experience and over two hundred patents and innovations on our behalf.” Its investments are channeled through a medical device venture capital fund called Culture (MD).
“Embody’s collagen technologies have the potential to redefine the standard of care and treatment approaches for tendon and ligament injury management,” the company said R Sean ChurchillExecutive Director of Genesis Innovation Group and Culture(MD) Venture Funds.
Cultivate (MD) portfolio companies include Happe Spine, Imascap, Magnesium Development, Medical Ingenuities, Strados and Virtual Incision.
chairman Jeffrey Connor is a 30-year life sciences and investment veteran. He has extensive experience in small molecule, biological and medical device licensing and business development specific to the healthcare industry. Before joining Embody, Connor was a Managing Director at Windward Investments and a Managing Partner at Adjuvant Partners.