July 1, 2021
Warsaw, Ind. — RAZOR Medical Instruments, Inc. (RAZOR) today announced it has raised over $2 million in a Series A round of funding. Investors participating in the round included Elevate Ventures and several angel investors. Elevate’s investment was made through its Smart and Advanced Manufacturing Fund.
Launched in 2016, RAZOR develops single-use instruments to increase efficiencies, reduce overall cost and reduce risk of surgical site infections associated with orthopedic joint replacement surgery. By the end of the decade, it’s expected that most large joint replacement surgeries will be performed at ambulatory surgical centers (ASCs)—modern healthcare facilities focused on providing same-day surgical care. RAZOR products allow ASCs to increase surgical capacity by eliminating the need to clean and sterilize reusable instruments.
In early 2021, the company relocated its headquarters from New Hampshire to Warsaw, touting the region’s depth of expertise and resources in the medical device industry.
RAZOR’s lead product, the Single-Use Acetabular Reamer, a preparatory instrument used in hip joint replacement, was first used clinically in December 2020. In over 40 cadaver labs, RAZOR has trained 82 surgeons to use the device. For the limited launch of the product, RAZOR is working with five original equipment manufacturers which cover a majority of the U.S. market share.
“Attracting RAZOR Medical Instruments to Indiana is a big win for the state,” said Dan Meek, Elevate Ventures entrepreneur-in-residence serving Elevate Northeast Indiana. “The company’s single-use surgical instruments offer confidence to patients and healthcare providers in the battle against contracting infection from orthopedic surgery.”
RAZOR will use the funding to expand the launch of the Single-Use Acetabular Reamers. The company is also developing a comprehensive portfolio of single-use joint replacement instruments for the hip, knee and shoulder.
“Our Series A funding will allow us to introduce the RAZOR Single-Use Acetabular Reamer System into the U.S. market,” said RAZOR founder and President Bruce Khalili. “We’re excited to proceed with our plans towards completing the development of equally innovative single-use instruments in building out our portfolio.”