On the surface, the monster rounds raised by Small Bone Innovations Inc. and ConforMIS Inc. seemed to defy recent reports that venture capital commitments are way off from the previous years. But the $144 million committed to the extremities-oriented Small Bone and the $50 million raised by ConforMIS, maker of a unique knee implant, say very little about the appetite of US venture capitalists for more deals. [See Deal], [See Deal] Both companies, in fact, drew heavily from investors outside the US and outside of venture capital, creating a playbook that other medical device companies with global aspirations might want to follow.
To complete these massive financings, the two companies tapped into sovereign wealth funds in regions rarely frequented by US-based venture capital-backed start-ups. Small Bone Innovations, which actually closed a $36 million Series C round and a $108 million Series D, counted among its investors Khazanah Nasional Berhad, the investment firm of the Malaysian government, Malaysian Technology Development Corp. (MTDC), a Malaysian-based venture capital company and The Family Office of Bahrain
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