Gramercy Extremity Orthopedics (GEO) partnered with TIMIA to fuel the expansion of its revolutionary orthopedic implants with RFID technology.
TIMIA Capital’s recent investment of USD $1 million in GEO — a tech-driven medical device company based in Texas — is helping revolutionize the delivery of orthopedic medical implants. We sat down with Michael Simpson, GEO’s co-founder and CEO, to discuss how his company is transforming orthopedic care with RFID technology, and his future plans for the business.
Michael has over 25 years of business and executive-level experience, including 20 years in orthopedic management. Several years ago, he — along with his GEO co-founder Dr. Paul Vasta and Dr. Peter Blume — built a streamlined process in the industry, pioneering RFID technology to track the use of implants and instruments in real time, significantly enhancing surgical procedures’ efficiency.
GEO’s Journey and Milestones
Starting as a bootstrapped venture, GEO initially relied on its founders’ funding and ran an incredibly capital-efficient operation. Over time, GEO successfully raised $9.5 million in venture capital, which helped the company to significantly advance the technology, expand the team, and fund operational expenses.
GEO remains capital-efficient today with a small but mighty team of 12 employees. Michael takes pride in GEO’s casual yet focused work environment. With an emphasis on hiring reliable people, the company has managed to maintain a low turnover rate, indicating a positive and rewarding work culture.
“At one point, we were talking about raising another round, but we agreed it was better to hold off for the time being. That’s when we connected with TIMIA,” said Michael.
GEO currently serves 36 surgery centers and hospitals with its innovative technology and is growing rapidly.
“TIMIA’s funding will, in part, help GEO accelerate sales and marketing efforts so the founders can focus on growing and managing the business.”
Challenges and Market Adoption
The pandemic brought a mixed bag of impacts for GEO. While revenues took an initial hit due to the halt of elective surgeries, the crisis underscored the value of GEO’s technology. Michael shared, “COVID-19 exposed the healthcare system to new technologies like GEO’s GEO CART and RFID systems which were instrumental in increasing the efficiency during surgery while maintaining sterile conditions.”
Michael also noted that once users experience the efficiency and convenience GEO technology provides, they never go back. Plus, although some competitors have mimicked GEO’s use of RFID in orthopedics, Michael is confident in his company’s superior offering. With a more interactive and comprehensive system and patented reading technology, GEO holds a strong competitive advantage.
Partnering with TIMIA
TIMIA Capital’s investment is enabling GEO to fuel its growth ambitions, enhance its technology, expand its customer base, and amplify its marketing efforts.
Michael said the entire process went very smoothly and appreciated the friendly team and the detailed due diligence process, reflecting on it as a testament to TIMIA’s commitment to their partnership.
What’s Next for GEO?
While Michael acknowledges the possibility of an exit strategy in the long term, his primary focus remains on growing the business, increasing revenue, and expanding GEO’s influence in the medical industry.
The partnership with TIMIA is expected to play a crucial role in accelerating these growth plans.
With GEO’s ongoing commitment to innovation and a more effective healthcare environment, we’re excited to watch its growth trajectory unfold.Back to top