Embody Inc. Secures $20.5 Million in Funding

Embody Inc., a privately-held medical device company focused on soft tissue healing, has secured $11.5 million in an oversubscribed equity financing and entered into a debt financing agreement led by Horizon Technology Finance Corporation to provide up to $9 million in term loans, of which an initial $5 million has been funded, for a total of $20.5 million in available funds. The funding will support the support the commercialization of Tapestry Biointegrative Implant, the launch of the Tapestry RCR system and post-market clinical studies of the Tapestry platform.
 
“We are pleased to have the support of our existing and new investors and to partner with Horizon, a leading venture debt provider that has an extensive history of supporting innovative life science companies,” said Jeff Conroy, CEO of Embody. “Through early 2022, we anticipate a number of important milestones in the commercial expansion of our Tapestry platform. This transaction immediately strengthens and extends our financial resources to advance our position in the market with the launch of Tapestry RCR for arthroscopic rotator cuff and our clinical pipeline.”
 
“We are delighted to provide this financing to Embody and have confidence in the company’s technology and business strategy,” said Gerald A. Michaud, president of Horizon. “We look forward to the company reaching its milestones for its novel collagen technology platforms for soft tissue healing in sports medicine where there is a scarcity of technologies addressing the unmet needs of shoulder, knee, and foot and ankle injuries.” 
 
Embody is pioneering the next-generation regenerative platform with novel collagen-based bio-fabrication techniques and products for the fast-growing sports medicine market. The global market for sports medicine products is expected to reach $11 billion by 2023. Embody’s products focus on the most pressing patient needs: the repair of serious tendon and ligament injuries and are developed in close collaboration with some of the most advanced clinical thought leaders. Founded in 2014 and funded more than $20 million in DARPA and U.S. Department of Defense funding, the company is developing unique biomaterials with an initial focus on orthopedic applications including foot and ankle, rotator cuff, and knee ligament, including ACL (anterior cruciate ligament).
 
Horizon Technology Finance Corporation is a specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. Horizon is headquartered in Farmington, Conn., with a regional office in Pleasanton, Calif., and investment professionals located in Portland, Maine; Austin, Texas; and Reston, Va.