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Tampa Medtech company raises $35M capital infusion

Veronica Brezina

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Image: Unsplash/Julien Tromeur.

Tampa-based medical device creator PainTEQ, known for its minimally invasive posterior sacroiliac (SI) joint fusion procedures, has secured a $35 million capital infusion. 

The startup announced Monday that New York-based equity group MVolution Partners (MVP) provided the non-dilutive growth financing. 

“We are excited to work with MVP. Our ability to secure attractive debt financing from an experienced health care investor is a testament to the strength and potential of PainTEQ’s business,” PainTEQ CEO Sean LaNeve said in the announcement.

MVolution Partners provides up to $100 million of growth investments in American and European companies with significant intellectual property assets. 

“This strategic funding allows us to accelerate our growth trajectory and significantly strengthens PainTEQ’s ability to improve the quality of life for an even greater number of patients living with SI joint pain,” LaNeve. 

The proceeds from the financing will be used toward the commercialization of PainTEQ’s primary patented technology, LinQ, an implantable SI joint stabilization system. It will also support the team’s research and development efforts. 

A promotional Facebook image of the LinQ product showing the size of the device.

The motivation to create the product stems from the chronic SI pain issues Robert Faxon, the father of Devin Faxon, one of PainTEQ’s employees, was experiencing despite the 21 back surgeries, four shoulder surgeries, three knee surgeries he endured. The team wanted to develop a minimally invasive product that would alleviate the daily chronic pain for Faxon and others. 

The LinQ product eliminates the need for surgical drilling as a single LinQ implant with a large graft window is placed into the SI joint for stabilization and long-term fusion. More than 8,000 LinQ procedures have been performed in the United States, according to the company. 

“We are impressed by LinQ’s proven ability to generate positive patient outcomes through a simple, efficient, and safe therapy using the best instrumentation set for SI joint procedures. Our IP-backed financing will enable PainTEQ to fulfill its mission of helping millions of patients suffering from SI joint pain and dysfunction,” Mike Weinmann, founding partner at MVolution Partners, said in a prepared statement. 

PainTEQ first opened its Tampa HQ in 2020 in Westshore. It also opened a distribution center in North Tampa. 

Last year, PainTEQ was one of the few local companies that made it on Inc.’s 5000 list, which ranks the fastest growing privately held companies in America. 

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