Holland-based Genesis Innovation Group LLC raised $7.2 million of its $10 million goal toward a fund to invest in early-stage health care companies, particularly those developing medical devices and orthopedic technologies
Genesis provided seed funding for Holland-based Shoulder Innovations Inc., then participated in a $1.6 million funding round in December that several organizations joined, including cultivate(MD); the Ann Arbor-based Michigan Angel Fund; Detroit-based Invest Michigan; Western Michigan University’s Biosciences Research Commercialization Center; and the DeVos family organization Grand Rapids-based Wakestream Ventures.
Shoulder Innovations, which makes replacement shoulders using what it calls InSet™ glenoid technology, plans to use the funding to accelerate new product development and acquire additional inventory. The U.S. Food and Drug Administration and dozens of health systems nationwide approved the use of the company’s patented devices.
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