Accelerator Centre Client Avenir Medical secures $3.3M in financing

Intelligent Instrument improves accuracy in hip replacement, attracts investors and surgeons to Avenir

Waterloo, Ontario, September 30, 2013 – Avenir Medical Inc., an innovator in developing intelligent instruments to improve joint replacement surgery, announced today that it has closed $3.3M of Series A financing. The round was led by MaRS Investment Accelerator Fund, Toronto, and included a syndicate of Angel Groups in Waterloo, Toronto, and Boston.

Avenir develops intelligent instruments to assist orthopedic surgeons in the operating room.  The Company’s proprietary devices integrate microelectronics and miniature optical sensors to calculate and display real time measurements of implant position and alignment, enabling surgeons to more accurately perform joint replacements.  The Company’s flagship product is for guiding hip replacement, and the same advanced technology will be applied to knee replacement and other surgical procedures.

“We are excited to attract a broad base of investors ranging from MaRS Investment Accelerator Fund to Angel Groups representing prominent Canadian and US entrepreneurs and surgeons ”, said CEO Armen Bakirtzian.  “This funding will accelerate our clinical and commercialization plans in North America and Europe where the potential market is over 2 million hip and knee replacements a year.”

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