Hubly Surgical raises funding to advance growth objectives

Time Stamp: July 24, 2023 4:37 AM
Source Node: 2182714

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The financing comes after the corporation received clearance from the US FDA for its patented device, intended for bedside neurosurgery. Credit: Sasin Tipchai from Pixabay.

Hubly Surgical has raised $3m in an oversubscribed Series Seed funding round for the advancement of its growth objectives.

The funding round comes after the corporation recently received clearance from the US Food and Drug Administration (FDA) for its Hubly Drill patented device, intended for bedside neurosurgery.

Most of the investment was made by the company’s commission-only distributor sales force, existing investors, neurosurgeons and physician-centric funds.

According to the company, the regulatory approval process ensures Hubly Drill’s safety and efficacy, providing investors with confidence in the corporation’s path towards financial growth and a positive impact on patients.

The funding will be utilised by the company for expanding its commercial launch to three additional US regions, as well as increasing access to the cranial drill product.

The company also intends to use the investment for post-market clinical data collection and new product development initiatives in collaboration with Ontogen Medtech for addressing additional patient indications.

Hubly founder and CEO Casey Qadir (m. Grage) said: “FDA clearance is our most significant milestone to date but it wouldn’t be as powerful without the resources to commercialise.

“I am honoured and thrilled to have solicited such strong support from our sales force, existing investors and the neurosurgeon users, all of whom share our vision for transforming neurosurgical procedures.

“With this investment, we are well-positioned to provide innovative solutions that improve surgical outcomes in all settings.”

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