Funding to Advance Development and Release of Handheld, Computer Assisted Bone Cutting Device
PITTSBURGH, Sept. 30 /PRNewswire/ — Blue Belt Technologies, Inc., a Pittsburgh based medical device company developing the next generation of “smart” surgical instruments for use in orthopaedic and neurosurgery procedures, has closed on a $2.4 Million private equity Series A round of financing. The round was led by private investors and included the Pittsburgh Life Sciences Greenhouse and Innovation Works (Pittsburgh) and consisted of both new investments and the conversion of existing convertible notes.
“This investment will be used to finalize development and prepare for FDA submission of our core product, the Precision Freehand Sculptor, and will provide the resources necessary to prepare for full market release of our Orthopaedic and Neurosurgical products,” said Craig S. Markovitz, Blue Belt Technologies, Inc. Chief Executive Officer. “We are pleased to have such an impressive group of investors and partners share our vision to provide a cost effective, highly capable solution for bone based computer assisted procedures.”
“We continue to be impressed by Blue Belt’s combination of innovative technology, passionate, experienced leadership and large market potential,” said John W. Manzetti, PLSG President & CEO. “Blue Belt Technologies is a great example of the Pittsburgh Life Sciences Greenhouse model of taking technologies from Concept to Commercialization((TM) )and we look forward to the company’s release into the Orthopaedic and Neurosurgical markets.”
