WARSAW, Ind. (Inside INdiana Business) — A Warsaw-based medical device startup has closed on a $400,000 seed round of funding. Eclipse Orthopaedics says it will use the funding, along with previous grant awards, to accelerate product development toward receiving clearance from the U.S. Food and Drug Administration.
The funding round was led by Indianapolis-based Elevate Ventures, with participation from First Leaf Capital in Illinois.
Eclipse is developing a device to help surgeons perform distal locking, which involves placing a rod to improve healing from a fractured bone. The company says the device is a radiographic targeting attachment that gives surgeons better visibility to drill pilot holes, improving accuracy and reducing operating time.
“This investment will allow us to improve our design and make critical tests that will demonstrate the value to our surgeon customers. As a first-time entrepreneur, I did not know how to navigate the world of seed-stage investment,” said David Rich, founder and chief executive officer of Eclipse. “Elevate showed me how to get it done. With Elevate and First Leaf Capital on board, we can focus on developing the product.”
In 2018, the National Institutes of Health awarded a SBIR/STTR Phase 1 grant, with matching funds from Elevate Ventures, which was used to build a prototype.
Rich says the company is pursuing a Phase II grant to build another prototype for testing and working toward regulatory approval.