Centerline Biomedical Raises $33 Million in Series B Financing

June 27, 2022—Centerline Biomedical, Inc. announced the closing of a $33 million Series B equity financing to support the company’s system, which is intended to improve visualization and guidance in endovascular procedures while reducing dependence on radiation and contrast agents. The funding will help propel the company into new surgical applications, accelerate its commercial sales, and add to its growing clinical evidence repository.

The financing was led by the Cleveland Clinic in Cleveland, Ohio, with participation by GE Healthcare, RIK Enterprises, JobsOhio, Jumpstart Ventures, and G2 Group Ventures.

Centerline Biomedical’s flagship product is the IOPS intra-operative positioning system, which was developed at Cleveland Clinic’s Heart, Vascular & Thoracic Institute. IOPS utilizes the company’s algorithms to generate a patient-specific vascular map combined with electromagnetic tracking and smart sensor-equipped surgical devices to provide real-time, three-dimensional color visualization, and navigation of the human vascular system.

In July 2019, the company announced that IOPS received FDA 510(k) clearance. It is currently available at select sites in the United States. Expansion to Europe and other key markets will occur in 2023, advised Centerline Biomedical.