Mammoth Scientific invests $1.25 Million in MRIguidance through its venture capital fund Mammoth Private Capital to enable further growth and prepare for market roll-out of BoneMRI in the U.S.
Utrecht, August 25th, 2021 – In addition to the 2020 investment of EIT Health, MRIguidance has now raised $1.25 Million from the American venture capital firm Mammoth Scientific. This investment will allow MRIguidance to continue the company’s growth path. After market entry in Europe in the beginning of 2021, MRIguidance will use the new funds to prepare for market roll-out in the U.S.
BoneMRI for the spine is expected to get market access in Europe later this year. Tommy Martin, CEO of Mammoth said that this spine application specifically caught the attention of Mammoth Scientific. “We were made aware of MRIguidance through different spine surgeons from our network. We believe BoneMRI has the potential to be a game changing innovation in radiology and spine surgery. As such, MRIguidance is a perfect addition to our portfolio, and we look forward to working with the team.”
Mammoth Scientific, LLC is a U.S. venture capital firm that focuses on providing financing to innovative health science and technology companies. Mammoth’s leadership consists of successful physician entrepreneurs and experienced investment managers. “With Mammoth we not only have additional funding for our company, but also an experienced team with an impressive and relevant network in the spine world in the U.S.,” says Roel Raatgever, CEO of MRIguidance. “The team at Mammoth can help us with things like FDA approval and CMS reimbursement. I am very happy to have Mammoth on board.”
BoneMRI in the US
Earlier this year MRIguidance was selected by EIT Health for their Bridgehead Global Program. For MRIguidance this program consists of a grant and support to gain traction with BoneMRI in the U.S. Together with the recent Mammoth investment, the program will strengthen MRIguidance’s position in the U.S. MRIguidance plans to raise additional funds to scale-up commercial efforts in Europe and the U.S.