| Elevate Ventures
February 26, 2021
Eclipse Orthopaedics, a startup focused on improving orthopaedic surgical procedures, today announced it has closed on a seed round of $400,000 led by Elevate Ventures with participation from First Leaf Capital.
“Eclipse offers innovation to the trauma market that doesn’t change the surgical workflow, which is a big deal,” said Dan Meek, Elevate Ventures’ entrepreneur-in-residence serving Elevate Northeast Indiana, a partnership supporting startups. “This funding will help accelerate product development for FDA clearance and enable them to reach the next milestone.”
Eclipse technology helps surgeons perform distal locking, a procedure that involves placing a rod to improve healing of a fractured bone. The radiographic targeting attachment is a freehand device giving surgeons better visibility to drill pilot holes. The device will improve accuracy, reduce operating time and minimize exposure to radiation.
Eclipse Orthopaedics was launched in 2015 by CEO and President David Rich. The company received a SBIR/STTR Phase I grant from the National Institutes of Health (NIH) in 2018 with state matching dollars from Elevate Ventures. The grant enabled Eclipse to build a prototype which has been tested by orthopedic surgeons.
Along with this current round of funding, Rich plans to pursue a SBIR/STTR Phase II grant to build another prototype for further testing and to work toward regulatory approval.
“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 Rich. “Elevate showed me how to get it done. With Elevate and First Leaf Capital on board, we can focus on developing the product.”
First Leaf Capital is an investment firm located in Champaign, Illinois.
“Since getting to know David I am confident he has the relevant expertise, the connections to industry, and the personal character to succeed in this venture,” said Mark Aardsma, managing partner at First Leaf Capital. “I love that his creative innovation is grounded in practical application—starting with making one surgical procedure simpler and safer. I’m excited that Elevate and First Leaf Capital have partnered with David to move Eclipse forward.”