Imperial College London startup OSSTEC has secured £2.5 million in funding to advance its innovative 3D-printed joint replacement technology toward regulatory approval in the United States while initiating clinical trials in the United Kingdom.
The company, founded in 2021, has developed a novel biomaterial that mimics the properties of natural bone, potentially revolutionizing joint replacement procedures. This latest investment will accelerate the company's path to market for its first product—a partial knee replacement system.
"This is our go-to-market investment round," explained Dr. Max Munford, founder and Chief Executive of OSSTEC. "These funds will enable us to get regulatory approval in the US, carry out our first surgeries as part of a trial in the UK, and to earn our first revenues in the US."
Innovative Technology Addressing Clinical Needs
OSSTEC's joint replacement system utilizes advanced 3D-printing technology to create implants with bone-like properties. The technology promises significant clinical advantages, including simplified surgical procedures, reduced implant failures, and extended mobility for patients.
The company's approach could address critical limitations in current joint replacement options. Traditional implants often fail to integrate optimally with surrounding tissue and may loosen over time, leading to revision surgeries and limited longevity.
Dr. Johnathan Matlock, co-founder and general partner at Empirical Ventures, which led the funding round, stated: "OSSTEC is an excellent example of how scientific discovery can be transformed into real-world impact. The company has huge potential to completely reform best practices in this field of healthcare, with an impressive team of scientists pushing the boundaries of engineering and medical research."
Strategic Focus on US Market Entry
While maintaining strong ties to the UK, where its lead surgeon and Chief Medical Officer Alex Liddle is based, OSSTEC has strategically prioritized the US market for initial commercialization.
"The US is an attractive starting place because the market is large and the regulatory system can be supportive for a small company like OSSTEC," Dr. Munford noted. "And there are potential partners and future investors who can help the company scale up. The US is where a lot of the value is for a company like ours."
The company's US market entry strategy has been supported by Imperial College London, which recently established a Global hub in the San Francisco Bay Area. OSSTEC participated in Imperial's Venture Trek program, which connects promising startups with investors and partners in entrepreneurial centers like New York and San Francisco.
"We first met some of our most supportive investors in this round on the San Francisco Venture Trek from two years ago," Dr. Munford revealed.
From Academic Research to Clinical Application
OSSTEC originated from Dr. Munford's PhD research in Imperial's Department of Mechanical Engineering, exploring applications of 3D printing in surgery. The company has maintained close ties with Imperial's research facilities, creating a synergistic relationship between academic innovation and commercial development.
"There are a lot of benefits in having research and commercialization teams side-by-side," Dr. Munford explained. "We get to have interesting conversations with the academic researchers, which you don't typically have as a product-focused startup, and researchers and students get to see the process of taking a medical product to market."
Since raising £1.2 million in seed funding in 2023, OSSTEC has expanded its team of engineers and established collaborations with surgeons globally to prepare for clinical implementation. The company's first clinical application will focus on partial knee replacements, addressing a significant market need.
Building on Imperial's Entrepreneurial Ecosystem
OSSTEC's development has been supported by Imperial's entrepreneurial infrastructure, including the Venture Catalyst Challenge and MedTech SuperConnector programs. Dr. Munford remains actively engaged with Imperial's startup community, co-organizing the Imperial Founders' Round Table to share experiences among company founders.
"When you build a strong ecosystem, as has happened with the Enterprise Lab, then every success makes new successes," he said. "I think that OSSTEC is on its way to being a success, so it is our duty now to help other people grow and give back to that ecosystem."
Dr. Ben Mumby-Croft, Director of Entrepreneurship at Imperial, emphasized the significance of OSSTEC's progress: "OSSTEC's journey is a brilliant example of the kind of entrepreneurial venture we strive to support at Imperial—one that translates world-class research into real-world impact. Imperial Enterprise Lab is proud to have played a role in its growth, from early-stage support to connecting it with investors through our Venture Trek programme."
Future Growth and Innovation Pipeline
Looking ahead, OSSTEC plans to use its first product as a platform for further innovation in orthopedic implants. Dr. Munford expressed interest in sponsoring PhD research and collaborating on additional projects with Imperial researchers as the company matures.
With the current funding round remaining open for additional investment due to strong interest, OSSTEC is well-positioned to advance its technology through regulatory approval and into clinical use, potentially transforming outcomes for joint replacement patients worldwide.
