ConforMIS Hits Funding Milestone

Surpassing all previous fundraising rounds, privately-held ConforMIS Inc. completed a $89 million round of Series E funding, with additional funds beyond this amount committed upon meeting certain milestones.

The company, which more than doubled its revenues in 2011, will use the funds to support ongoing sales and marketing expansion, R&D investment into new product lines, and build out of manufacturing infrastructure. The investments originated from private-equity funds in the United States, Europe, Asia and the Middle East. Principal investors in the round include AGC Equity Partners and Axel Johnson Inc., along with government investment funds from Asia and the United Arab Emirates.

“ConforMIS’ key objective for Series E funding was to work with investors who focus on high-growth opportunities around the globe and who see the value in funding differentiated technologies in markets with tremendous room for growth,” said Philipp Lang, M.D., CEO and board chairman of ConforMIS.“ This latest round of financing provides us with the resources to aggressively grow our business and invest in our scale-up. It also provides us with the resources to pursue strategic initiatives in technology and intellectual property expansion.”

Since its founding in 2004, ConforMIS, has brought to market what it says is the only line of patient-specific implants and instruments for the treatment of knee osteoarthritis, a $7 billion global market. In 2010, the company launched its second generation personalized partial knee solutions, the iUni G2 and iDuo G2. In 2011, ConforMIS received 510(k) clearance from the U.S. Food and Drug Administration for the iTotal CR replacement knee system, a patient-specific total knee implant on the market.

“ConforMIS continues to challenge the conventional wisdom associated with traditional total knee replacements through its customized orthopedic implant technologies,” said Michael Milligan, CEO at Axel Johnson Inc. “We are pleased to be a significant investor in the company given its prospects for substantially altering the industry competitive landscape.”

ConforMIS is based in Burlington, Mass.