InnoMed, the life sciences fund of Jerusalem Global Ventures, announced today that Jerusalem Global Ventures had led a $6 million financing round for Israel-based Limber. Participating in the investment are Gemini Israel Funds and Advent International.
Limber’s seed financing round was led by Gemini in December 1999.
Limber, founded in 1996, develops high-tech orthopedic devices that it says will significantly improve orthopedic surgery. The orthopedic implant market is currently valued at over $6 billion a year and is expected to grow annually by 8-10% as the population of Western countries ages, InnoMed said.
Limber CEO Ron Sacher said, “This current round of financing will enable the company to complete clinical trials, gain regulatory approvals, and begin marketing its first product for hip surgery. The company plans to leverage its technology and enter the areas of knee, ankle, and shoulder surgery."
Prof. Achi Ludomirsky, responsible for medical technologies at Gemini Partner, added, "Limber's solution offers a novel approach to joint replacement, which should allow the patient to resume a normal level of physical and recreational activity."
Jerusalem Global Ventures is a $200 million venture capital fund, focused on telecommunications, Internet-enabling technologies, and medical devices.
Gemini Israel Funds has over $350 million under management in three funds. Gemini focuses on seed and early stage companies in the fields of telecommunications, data communications, fabless semiconductors, enterprise software, internet infrastructure, and medical technologies.
Published by Israel's Business Arena on 21 October, 2001