ALISO VIEJO, Calif., (June 7, 2023) — Vertos Medical Inc., a leader in the development of innovative, minimally invasive treatments for lumbar spinal stenosis (LSS), announced today that it has raised $26 million in an oversubscribed Series C equity funding round. The financing was led by new investor Norwest Venture Partners with participation from existing investors including Pitango Venture Capital.
In addition to expanding patient access to the mild® Procedure, the funding will support research and development efforts aimed at advancing care for patients with chronic low back pain. By investing in these critical areas, Vertos is poised to make a meaningful impact in the lives of patients suffering from LSS and chronic low back pain.
Vertos is experiencing a significant increase in demand for its groundbreaking procedure and more than 70,000 patients have been treated in the United States. The company’s rapid revenue growth of 348% between 2018 and 2021 led Deloitte to rank the company #384 on its prestigious Deloitte Technology Fast 500™ list in November 2022.
Dr. Zack Scott, General Partner at Norwest Venture Partners, will join Vertos’ Board of Directors. Dr. Scott has extensive experience helping successful medical technology companies scale such as Cianna Medical, Coherex Medical, Evidation Health, Providence Medical Technology, Respicardia, Spiration, and Syapse.