Our Founding Story: A Journey of Entrepreneurship
The Past: Founding KIC
In 1991, during my time as a consultant for Accenture, I was deeply influenced by Goldman Sachs’ approach to mergers and acquisitions. I realized that building a company could create significant value, potentially leading to mergers or acquisitions. This insight stayed with me when I entered Harvard Medical School, where I began exploring opportunities to build a company. Around that time, Dr. Art Steffee, an orthopedic spine surgeon, built AcroMed, which was acquired for $325 million. That caught my attention and connected me back to my experience with Goldman Sachs—solving problems in spine surgery could lead to great value.
I noticed the Steffee plate was innovative but had limitations. This sparked an opportunity for improvement. Inspired by the Rogozinski brothers’ hinge system, I set out to combine the best of both concepts. My solution was the X-plate, designed with a central hub allowing adjustments to spinal curvature. In 2000, while in the Harvard Combined Orthopedic Residency Program, I filed my first patent. While developing this, I encountered the Archus Total Facet Arthroplasty System, which led to my second patent for a facet replacement system.
By 2002, Medtronic had released the Sextant system, but it was limited to single-level use. I saw another opportunity and developed the MANTIS percutaneous pedicle screw system, designed for multilevel surgeries. Armed with these patents, I realized I didn’t just want to build devices—I wanted to create a private equity firm that could predict technological trends and invest in innovations.
In 2004, Kingsley Investment Company (KIC) was born. I incorporated it in 2005, and that same year, I sold the MANTIS system to Stryker, a Fortune 500 company, validating my strategy. This success emboldened me to form SpineFrontier Inc. in 2006, where we focused on developing frontier technologies that could shape the future of spine surgery. A group of like-minded surgeons invested in us, and we formed a Strategic Advisory Board (SAB) with one condition: "Innovate—no 'me too' products." That push led to the development of systems like MISquito and FacetFuse.
The Present: Founding KIC Ventures
By 2013, with surgeons seeking returns, we shifted back to an investment firm mindset. KIC Ventures was formally incorporated as the venture arm of KIC, focusing on market opportunities.
We first recognized the need for a breakthrough in total disc replacement. Dr. Art Steffee’s AcroFlex had limitations, but we predicted that advances in materials could solve these problems. By 2001, the AxioMed Disc was developed by Cleveland Clinic surgeons, yet the medical community didn’t fully see its potential. We did—and acquired AxioMed in 2014.
Next, we saw the global limitations of human biologics and predicted that synthetic alternatives with long shelf lives would be the future. This led us to acquire NanoFuse Biologics, the only FDA-approved 45S5 bioglass combined with DBM, in 2018.
We also noticed a gap in spine care for interventional pain management (IPM) doctors. They lacked the right tools to treat spine problems, often limited to managing pain rather than solving the issue. With the rise of physician-owned ASCs, we developed LESS (Less Exposure Spine Surgery) technologies to empower IPM doctors, creating NANISX.
Launched in 2022, NANISX leads our outpatient spine surgery portfolio, growing by over 40% with positive EBITDA. As 2024 closes, we’re preparing for new product launches and positioning ourselves as leaders in outpatient spine surgery. With assets under management between $1 to $3 billion, we’re proud to have generated over $300 million in revenue, delivering a 400% increase in equity value for early investors.
The Future: Globalization
KIC Ventures has grown into the world’s largest private equity healthtech firm with a majority-owned portfolio of differentiated spine technology companies. We remain committed to our founding strategy: identifying a Problem, Predicting the need for a better solution, and developing an innovative Product that drives global adoption and lasting value (My 3 P’s of entrepreneurship). This approach has been key to our success, and we invite physicians, patients, and partners to join us. As we raise $15 million in our Open Series A round, this is your opportunity to be part of the future of spine care innovation.
Kingsley R Chin MD MBA