UK medtech Axis Spine Technologies bags £2.2M to develop next-gen Spinal Implants
Axis Spine Technologies, a UK-based spinal medtech startup, has now secured £2.2 million in a funding round led by ACF Investors with follow-on investment from Mercia’s EIS funds.
This is the first investment from ACF Investors’ new Delta Fund; a fund focused on high-potential UK businesses that have been backed by a syndicate of angel investors with deep sector knowledge.
The angel syndicate is led by Simon Cartmell, who has more than 40 years of pharmaceutical, biotech, and medtech experience. He brings specialised expertise in orthopaedic technologies to his new role on AST’s board.
How will the funding be used?
The funding will support the launch of the new device in the USA and accelerate developments of Oblique, Lateral cage implants, and a highly differentiated access system.
Help surgeons improve spinal care
Founded in 2017 by Jon Arcos, Axis Spine Technologies is on a mission to help surgeons improve spinal care with the next generation of Spinal Implant technology.
The company is developing a next-generation Anterior Spinal Implant technology. The modular endplates are inserted in a closed position, atraumatically helping to preserve the vertebral endplate’s structural integrity.
Received FDA clearance
Around May last year, the UK company received FDA 510(k) clearance for their first implant system, the Axis-ALIF, its first implant system. According to the company, Axis-ALIF has already attracted commercial interest in pre-release activities.
Jon Arcos, founder and CEO of Axis, comments: “In 2021, we will take a big step forward in our mission to help surgeons improve the spinal care they provide to their patients. Our products will enable them to achieve superior correction and maintain this correction more reliably than with the devices available today. Simon Cartmell’s addition to the board means we can draw on his experience and deep sector knowledge to help take Axis to the next level. We are very pleased to be the first investment from ACF Investors’ Delta Fund and to have the continued support of Mercia and our independent angel investors as we demonstrate the benefits of modular implants and expand the Axis product range.”
Tim Mills, the Managing Partner at ACF Investors, comments: “We believe that the active involvement of stand-out angel investors is one of the largest contributing factors to the success of an early-stage company. Having Simon onboard and a proposition as strong as Axis Spine’s technology makes this investment the perfect fit for The Delta Fund. We are excited to see where the team takes the company by opening up new markets and expanding their product suite, which will help improve outcomes for surgeons and patients alike.”
Simon Cartmell, Managing Director of Route2Advisors said: “I am really pleased to work with ACF for a second time to bring their support to Axis Spine. It is a great example of the UK ecosystem supporting fantastic entrepreneur-led medtech companies, and I am delighted to assist Jon, and the Axis team take their superior products to market and building out the underlying platform.”
Peter Dines, COO of Mercia, said: “Axis is now funded to bring the Axis-ALIF device to the lucrative US market and generate momentum. Jon and the team have an exciting year ahead with a new product that offers several meaningful clinical benefits to surgeons and their patients. We are proud to have been the first investor at the formation of Axis Spine, and we will continue to support them during this critical year of growth.