River Cities is pleased to announce an investment in Pioneer Surgical Technology, a developer of spinal and orthopedic implants based in Marquette, MI. The company raised $30.5 million in new Venture Capital funding from River Cities Capital Funds, Pharos Capital Group, Highlander Partners and Hopewell Ventures.
Founded in 1992, Pioneer is a true surgeon-driven spinal device company that promotes responsiveness through customer intimacy, surgeon-to-surgeon relationships, and a commitment to long-term innovation. Pioneer currently employees over 200 employees worldwide and has been awarded 30 patents.
The capital will be used to fund further development of motion preservation devices like the NUBAC™ Intradiscal Device, biologics and minimally invasive surgical approaches, while expanding the global distribution of their proven orthopedic and spinal fusion products.
Carter McNabb , assisted by Rik Vandevenne, led the investment for River Cities. Carter believes that the healthy base of orthopedic and spinal fusion business, coupled with the home run potential of NUBAC™, makes Pioneer a great fit with River Cities' targeted risk-return profile. "We have been looking for an innovative medical device company in the spine sector that has an established base of business, a growing product portfolio of innovative products and excellent management. With a rare history of capital efficiency and exceptional growth, Pioneer Surgical met our criteria and is positioned to excel in the rapidly growing spinal implant market."