Inside Indiana Business
WARSAW — A Warsaw-based medical device startup has closed on a $400,000 seed round of funding.
Officials with Eclipse Orthopaedics say it will use the funding, along with previous grant awards, to accelerate product development toward receiving clearance from the U.S. Food and Drug Administration.
The funding round was led by Indianapolis-based Elevate Ventures, with participation from First Leaf Capital in Illinois.
Eclipse is developing a device to help surgeons perform distal locking, which involves placing a rod to improve healing from a fractured bone. The company says the device is a radiographic targeting attachment that gives surgeons better visibility to drill pilot holes, improving accuracy and reducing operating time.
“This investment will allow us to improve our design and make critical tests that will demonstrate the value to our surgeon customers,” said David Rich, founder and chief executive officer of Eclipse. “As a first-time entrepreneur, I did not know how to navigate the world of seed-stage investment. Elevate showed me how to get it done. With Elevate and First Leaf Capital on board, we can focus on developing the product.”