Centerline Biomedical Inc., the medical technology company in Cleveland, has raised $33 million during an investment round led by Cleveland Clinic.
The Cleveland Clinic spinoff is commercializing a new way for surgeons to guide catheters, guidewires and stents in the human body while minimizing dependence on radiation and contrast agents.
Centerline Biomedical will use its new capital to "help propel the company into new surgical applications, accelerate its commercial sales and add to its growing clinical evidence repository," it said in a statement.
Founded in 2014, Centerline Biomedical is working to expand its technology's use in Europe "and other key markets" in 2023, the company said.
Raising capital in "the challenging global environment" is a testament to Centerline's technology and team, said Philip Rackliffe, Centerline's CEO, in his company's statement.
GE Healthcare, RIK Enterprises, JobsOhio, Jumpstart Ventures and G2 Group Ventures participated in the fundraising round, Centerline said.
The company's flagship IOPS (Intra-Operative Positioning System) was developed at Cleveland Clinic's Heart and Vascular Institute and uses patented algorithms to generate a vascular map that helps provide real-time, 3-D color visualization and navigation of a patient's vascular system.
"As the number of minimally invasive procedures for complex interventions increases, so does the need for advanced technology to enable clinicians to make faster, more precise and informed decisions to improve patient care," Arnaud Marie, general manager of global interventional at GE Healthcare, said in Centerline's statement.
The Centerline technology "represents another example of our region's success in supporting early stage innovation within the medtech startup space," said Todd Schwarzinger, general manager of Cleveland Clinic Innovations, the health system's commercialization unit, in Centerline's statement.
