Embody, a Darpa-funded maker of medical devices to heal soft tissues, has closed a $10.4 million Series C funding round led by Genesis Innovation Group‘s specialized fund called cultivate (MD).
The Vienna, Va.-based firm said it has received more than $23 million in Darpa and Department of Defense funding.
“This financing represents a notable step in the continued growth of Embody,” said founder and CEO Jeff Conroy.
Embody has developed a regenerative platform with novel collagen-based bio-fabrication techniques and products, such as rotator cuff repair, for the fast-growing sports medicine market. It plans to use the latest funding round for post-market clinical studies of its recently launched Tapestry RC System for rotator cuff, and prepare for the commercial launch of ActivBraid high-strength collagen-based suture technology in 2023.
Targeting $11 Billion Market
Founded in 2014, Embody is targeting the fast-growing sports medicine market, estimated to be worth $11 billion annually by 2023. Its products develop novel biomaterials that can be used to repair tendon and ligament injuries. Its collagen-based biologic products are designed to target, and optimize, both structure and chemistry, creating a microenvironment for healing, the company claims.
Embody launched its first product, Tapestry — a biointegrative implant — in 2020. This year, it released Tapestry RC, an arthroscopic delivery and fixation system. Its third product to be launched next year is called ActivBraid, a high-strength, collagen-based orthopedic suture line.
Device specialists
Genesis, based in Grand Rapids, Mich., was founded by the trio of Rob Ball, Jeff Ondrla and Don Running, all longtime friends and medical device entrepreneurs in their own right. Combined, the three claim “more than a century of experience in the medical device space, and over two hundred of patents and innovations to our names.” Its investments are routed through a medical device venture capital fund called cultivate(MD).
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“Embody’s collagen technologies have the potential to redefine the standard of care and approaches to the treatment of tendon and ligament injuries,” said R. Sean Churchill, executive director of the Genesis Innovation Group and the cultivate(MD) venture funds.
Cultivate (MD)’s portfolio companies include Happe Spine, Imascap, Magnesium Development, Medical Ingenuities, Strados and Virtual Incision.
CEO Jeffrey Connor is a 30-year veteran in the life sciences and investment sectors. He has significant experience in licensing small molecules, biologics and medical devices, and in business development specific to the healthcare industry. Prior to joining Embody, Connor was managing director at Windward Investments, and a managing partner at Adjuvant Partners.
