Rose-Hulman Institute of Technology reinvests in Nico to support its neurosurgery medical devices and its plans to commercialise more products and expand geographically.
Nico, a US-based manufacturer of medical devices for neurosurgery, has raised $15m in its latest round of funding with reinvestment from Rose-Hulman Institute of Technology.
River Cities Capital Funds also returned to back the round.
Founded in 2007, Nico specialises in developing medical devices for corridor surgery including cranial, spinal and ear, nose and throat surgery where access to the surgical site is limited. The technology was developed with the help of Rose-Hulman Ventures, the prototyping and development firm of Rose-Hulman Institute of Technology.
The company’s devices allow for surgery to be carried out through smaller openings that can be less invasive and require less healing.
Nico will use the funds from this round to expand customer training of its technology, commercialise new products and expand geographically.
The company previously obtained $2.8m in 2008 when Rose-Hulman Institute of Technology and River Cities Capital Funds first invested.
Rose-Hulman Institute of Technology, Twilight Venture Partners, River Cities Capital Funds, Clarian Health Ventures, and Halo Group led a $10m series C round in 2009 that featured a total of 45 investors. Nico also secured $6.6m in 2012.
Jim Pearson, president and chief executive of Nico, said: “Our documented and published results prove that we can and do deliver on the new healthcare model known as Triple Aim, and our investors have shown they believe in our results.
“We have a solid foundation of clinical and economic evidence, and that evidence continues to grow, giving us added momentum for controlled market expansion and deliberate steps toward setting a new standard of care in neurosurgery.”
