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Dr. Douglas Unis spent years watching the same procedure fail the same way. As an orthopaedic surgeon at Mount Sinai, he performed and reviewed hundreds of total knee replacements. He saw the instruments: hand saws, metal hammers, and sizing guides that came in small, medium, and large. He saw the outcomes: roughly 100,000 joint replacements failing every year. Studies showed 36% of patients reported regretting the surgery entirely. The implants were not bad. The process was. Surgeons were fitting mass-produced parts into bodies that had never been mass-produced.
Raised (crowdfunding)
$55M+
Across multiple rounds
Total investors
22,453
Unique stockholders at IPO
ipo day gain
+62%
NASDAQ: MGRM, May 2023
Acquisition value
$16.41
Per share at full milestones
Unis spent four years as a consultant to a surgical robotics firm before concluding that the problem was solvable. In 2016, he filed foundational IP through Mount Sinai and incorporated a company called Monogram Orthopaedics. The vision was a robotic surgical system paired with 3D-printed, patient-specific titanium implants designed from...
This is not unusual in capital-intensive medtech. The timeline from concept to FDA clearance to commercial revenue in surgical robotics is typically seven to twelve years. Venture funds operate on a ten-year clock. The math rarely works for them, which is why the orthopedic robotics market has historically been dominated by large strategic players who can absorb long development cycles.
A founding team with strong credentials, a Mount Sinai licensing agreement, and a laboratory prototype. No revenue. No cleared product.
Monogram was exactly the kind of business retail equity crowdfunding was designed to fund: one where the mission was legible, the upside was real, and institutional capital markets had decided the timeline.
Between 2019 and 2023, Monogram raised multiple times from retail investors. Each round unlocked a new development milestone. Each milestone made the next round more credible.
| Round | Date | Amount | Share price | Valuation | Investors | Key evidence at time of raise |
|---|---|---|---|---|---|---|
| Round 1 | Apr 2020 | $14.6M | $4.00 | $21.25M pre-money | ~6,000 | Cadaver lab results, patent filings, Mount Sinai licensing agreement |
| Round 2 | 2021 – 2022 | $23.7M |
Monogram’s crowdfunding campaigns were not simply product launches with an investment button. The company built and maintained its investor base the way a startup builds an audience: through consistent communication, demonstrated progress, and a narrative that stayed coherent across years of fundraising.
The core story never changed. Every campaign returned to the same framing: joint replacement has barely evolved in 50 years; the failure rate is unacceptable; precision robotics and patient-specific implants are the fix; here is how far along we are. What changed was the evidence behind it.
By the time of the pre-IPO raises in 2023, the company had performed a live remote surgery demonstration in which Dr. Unis controlled the robot from New York City while a cadaver procedure ran 1,700 miles away in Austin. It had a growing waiting list of patients who had signed up for future clinical trials. It had a surgical system that could complete registration and bone preparation in under six minutes, compared to an industry average of more than twenty.
Each of those proof points existed because previous rounds had funded the work to produce them. That is the structural logic of crowdfunding-as-capital-strategy: the retail community finances the milestones that justify the next raise at a higher valuation.
May 18, 2023
Stock opened at $10.15 and closed its first day at $11.75, a 62% gain over the offering price. At that point, the company had approximately 22,453 unique stockholders who had funded the journey from a laboratory prototype to a publicly traded company. Monogram became only the second company in history to travel the full path from equity crowdfunding to a NASDAQ listing.
IPO — NASDAQ: MGRM
Stock opened at $10.15 and closed its first day at $11.75, a 62% gain over the offering price. At that point, the company had approximately 22,453 unique stockholders who had funded the journey from a laboratory prototype to a publicly traded company. Monogram became only the second company in history to travel the full path from equity crowdfunding to a NASDAQ listing.
July 12, 2024
The company used public capital to continue its FDA regulatory process. The FDA issued an additional information request in September 2024. Monogram responded in Q1 2025.
FDA SUBMISSION
The company used public capital to continue its FDA regulatory process. The FDA issued an additional information request in September 2024. Monogram responded in Q1 2025.
Mar 17, 2025
Clearance came after a multi-step submission and response process spanning approximately eight months from initial application.
FDA CLEARANCE
Clearance came after a multi-step submission and response process spanning approximately eight months from initial application.
Jul 26, 2025
Performed in Ahmedabad, India, as part of a 102-patient clinical study with one of the country’s largest orthopaedic hospital groups. The system performed without intervention.
SURGICAL MILESTONE
Performed in Ahmedabad, India, as part of a 102-patient clinical study with one of the country’s largest orthopaedic hospital groups. The system performed without intervention.
Oct 2025
Announced twelve days after the first autonomous surgery. Upfront price: $4.04/share. Contingent payments of up to $12.37/share tied to development and revenue milestones through 2030. At full milestone achievement, the deal values Monogram at $16.41 per share.
ACQUISITION — ZIMMER BIOMET
Announced twelve days after the first autonomous surgery. Upfront price: $4.04/share. Contingent payments of up to $12.37/share tied to development and revenue milestones through 2030. At full milestone achievement, the deal values Monogram at $16.41 per share.
Monogram’s path is worth studying not because it was linear or without risk, but because it shows what equity crowdfunding can structurally accomplish when it’s used as a genuine financing strategy rather than a marketing exercise.
Planet Wealth works with founders to structure raises that attract real capital from aligned investors.
| $6.27 – $7.52 |
| $75M pre-money |
| ~14,000+ |
| Multi-surgeon cadaver studies, UCLA Biomechanics Lab data showing 7x fixation stability vs. conventional hip replacement, additional patents secured |
| Round 3 | Early 2023 | Undisclosed | - | $246M pre-money | - | Live remote surgery demonstrated 1,700 miles away; bone prep completed in under 6 minutes vs. 20+ min industry average; growing clinical trial waitlist |
|---|
The second raise became the third-largest equity crowdfunding campaign in the history of the platform it ran on. Retail investors who had been keeping up with the company’s progress, reading its updates, and watching its milestones were choosing to add to their positions rather than wait. The community was compounding, not just accumulating.
Retail capital deployed at $4/share bought the cadaver work that justified $7/share, which funded the remote surgery demo that justified $246M. Each round’s evidence base was built with the previous round’s capital. That is the structural logic of this approach.
The same crowd that funded the raise became a patient recruitment network, a word-of-mouth channel, and a source of repeat capital across years of fundraising. Community-building and capital-raising were the same activity.
Capital deployed at the right stage, from investors who understood the bet they were making, used to build something that institutional markets had written off as too slow. That is the engine. The timeline was not a flaw; it was a filter.
The company understood the mechanics: price each round to reflect actual development stage, and let the community compound. The investors who came in at $4.00 per share in 2020 were watching a different company than the one that listed in 2023. They funded the gap between those two versions.
Retail capital deployed at $4/share bought the cadaver work that justified $7/share, which funded the remote surgery demo that justified $246M. Each round’s evidence base was built with the previous round’s capital. That is the structural logic of this approach.
The same crowd that funded the raise became a patient recruitment network, a word-of-mouth channel, and a source of repeat capital across years of fundraising. Community-building and capital-raising were the same activity.
Capital deployed at the right stage, from investors who understood the bet they were making, used to build something that institutional markets had written off as too slow. That is the engine. The timeline was not a flaw; it was a filter.
