Carlsmed, which provides custom equipment and AI-enabled software for spine fusion surgery, raised $101 million by offering 6.7 million shares at $15, within the range of $14 to $16. The company is coming public with a market cap of $430 million. Top shareholders B Capital and U.S. Venture Partners had together indicated on $31 million (31%) of the deal.
Carlsmed aims to improve on the limitations of traditional spinal fusion surgery by using AI and 3D imaging software to develop custom-fit implants and guide surgeons through the procedure. It booked $32 million in revenue for the twelve months ended March 31, 2025.
Carlsmed plans to list on the Nasdaq under the symbol CARL. BofA Securities, Goldman Sachs, and Piper Sandler acted as joint bookrunners on the deal.
