* Investment Date & Round, Sourced, co-led Series A in 2011 with xSeed Capital + follow on. (Invested $6.9M)
* Initial Premoney Valuation: $5M (current Ownership Value ~ 30M)
* Acquisition: Likely; 300%/yr growth, 250+ hospitals
* Exit Value: ~$200M
* Return Multiple: ~5-8x
Zipline makes a surgical closure technology that replaces sutures. It puts a small patch on either side of the incision that allows the surgeon to close the wound by simply pulling the incision closed with multiple zip ties. The wound is not penetrated and the incision can be closed tightly so the resulting scar is almost invisible. It is initially being used for orthopedic surgeries and C-sections, where the incision is subject to stretching and movement, and the resulting scar is normally very visible. Zipline’s closure has almost no scar, and importantly, there have been no surgical site infections in over 100,000 uses.
In contrast, 2-4% of conventional sutures develop incision infections because the sutures penetrate the wound and allow a path in for pathological germs or bacteria. Surgical site infections add as much $100K in cost to the recovery process, and often, the hospital has to cover the cost and is not reimbursed by the insurance company. Zipline sells multiple versions of their product from 3 cms long to 24 cms long. And they have recently introduced a version that can monitor movement of a limb so the doctor can also remotely monitor the patient’s recovery. This new product uses bluetooth to talk to the patient’s phone.
Ted Driscoll has served on this Board since the beginning.