Hubly Surgical Raises $3 Million in Oversubscribed Funding Round Following FDA Clearance
LISLE, Ill., July 21, 2023 /PRNewswire/ — Hubly Surgical, a leader in neurosurgical innovation, has successfully closed its Series Seed funding round at an oversubscribed $3 million. The investment comes on the heels of the company’s recent FDA Clearance for the Hubly Drill, a groundbreaking and patented device poised to revolutionize bedside neurosurgery. The funds will be instrumental in bringing the Hubly Drill to market and driving further advancements in the surgical field.
With FDA Clearance in hand, Hubly Surgical has achieved a significant milestone in its mission to redefine neurosurgical care. The rigorous regulatory approval process ensures the safety and efficacy of the Hubly Drill, giving investors confidence in the company’s trajectory toward financial growth and positive patient impact.
The oversubscribed $3 million Seed round comprises several key investors: the vast majority of the raise came from the Hubly Surgical commission-only distributor sales force, existing Hubly investors, and from neurosurgeons and physician-centric funds. Each group validates a core pillar of the company’s performance metrics and strengthens strategic partnerships.
The secured $3 million funding will drive Hubly Surgical’s growth objectives. The company will expand its commercial launch to three additional regions in the United States, increasing access to the flagship cranial drill product. Further, Hubly Surgical plans to invest in post-market clinical data collection and new product development efforts in partnership with Ontogen Medtech to address additional patient indications.
“FDA Clearance is our most significant milestone to date, but it wouldn’t be as powerful without the resources to commercialize. I am honored and thrilled to have solicited such strong support from our sales force, existing investors, and the neurosurgeon users, all of whom share our vision for transforming neurosurgical procedures,” said Founder/CEO of Hubly, Casey Qadir (m. Grage). “With this investment, we are well-positioned to provide innovative solutions that improve surgical outcomes in all settings.”
About Hubly Surgical
Founded in 2019, Hubly Surgical is a medical device company with a mission to improve patient outcomes and quality of care for surgical procedures, inclusively, across standard and underserved settings, starting with bedside cranial surgery. The Company has developed and launched the Hubly Drill and Hubly Cranial Access Kit with a vision to become the standard of care for bedside cranial access, making its lethal complications a “never event.” The Company is located in Lisle, IL.
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