Bolt® Navigation Announces Closing of its Series B Financing

Funds to Support Commercial Expansion and New Application Development of the Bolt Navigation System.

CONCORD, Mass., Jan. 17, 2024 /PRNewswire/ -- Bolt Navigation, a privately-held leading developer of Handheld Surgical Navigation systems, announced today that it has closed its Series B financing.  The round was once again led by Grand Oaks Capital, the investment group for the family office of Paychex founder Tom Golisano, with participation from Impact Capital of New York. Tom Bonadio, Impact Capital's General Partner and Chairman of Board of Directors at The Bonadio Group, will join the company's board.  The capital will be used to support commercialization of the Bolt Navigation System in the U.S., EU and other markets, ongoing and new clinical studies, and expansion of the Bolt technology platform into additional indications.

"We are delighted to have the continued support of Grand Oaks Capital and new investors seasoned in guiding commercial stage companies," said Patrick West, Chief Executive Officer of Bolt. "We are in a position to execute on our goals of commercializing the Bolt Navigation System, a cutting-edge handheld spine navigation solution. The iOS-based system combines exceptional accuracy, cost-effectiveness, reduced radiation exposure, and seamless integration with existing surgical workflows, setting a new standard in the field."

 "We are pleased to support the continued financing of, and have confidence in, the Company's technology and business strategy," said David Bovenzi, Grand Oaks Capital's Chief Investment Officer. "We look forward to the Company reaching its critical milestones for its novel navigation technology that enables greater access to a technology that benefits patients, surgeons and surgical staff."

About Bolt
Revolutionizing precision, affordability, and safety, our handheld products empower and enhance a surgeon's capabilities with cutting edge technology that meaningfully reduces radiation exposure, fits seamlessly into the surgical workflow, are cost-effective and implant agnostic.  Our mission is to benefit patients around the world by making cutting edge navigation available to skilled surgeons in any setting, anyplace in the world.  Smaller, Safer, Faster, Better.

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SOURCE Bolt Navigation