Bolt Navigation® Announces Closing of its Series B Financing

Funds to support commercial expansion and new application development of the Bolt® Navigation System.

Concord, MA, January 17, 2024 – Bolt® Navigation, a privately held developer of handheld surgical navigation systems, announced today that it has closed its Series B financing. The round was 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 the Board of Directors at The Bonadio Group, will join the company's board. The capital will 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. 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."

— Patrick West, Chief Executive Officer of Bolt

"We are pleased to support the continued financing of, and have confidence in, the Company's technology and business strategy. 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."

— David Bovenzi, Grand Oaks Capital's Chief Investment Officer

About Bolt — Bolt Navigation develops handheld, physician-controlled spine navigation. Its products extend the surgeon's capabilities, reduce radiation exposure for the surgeon, staff, and patient, integrate into existing surgical workflows, and remain cost-effective and implant-agnostic. The company's mission is to make accurate surgical navigation available to skilled surgeons in any setting, anywhere in the world. Smaller, Safer, Faster, Better.