Physicians Aren't Just Using Medical Devices--They're Innovating and Owning Them: Celebrating 25 Years of Surgeon-Led Innovation with Dr. Kingsley R. Chin and KIC Ventures
From the OR to the boardroom, a growing wave of entrepreneurial physicians is reshaping the future of spine surgery and healthcare innovation.
FORT LAUDERDALE, Fla., April 24, 2025 /PRNewswire/ -- Twenty-five years ago, before "physician-led innovation" became a trend, Dr. Kingsley R. Chin—a Harvard-trained orthopedic spine surgeon—broke the rules of the legacy medical device world. Surgeons weren't supposed to be owners, founders, or investors. But Dr. Chin charted a different path, building intellectual property, founding companies, and raising capital from fellow physicians to commercialize technologies that improved patient outcomes.
Through legal scrutiny, shifting markets, and industry resistance, he forged ahead—demonstrating the adaptability and resilience familiar to every surgeon. Today, KIC Ventures stands as one of the only physician-led healthcare investment firms, and Dr. Chin's story is inspiring a growing movement of doctors who are no longer just using medical devices—they are innovating and owning them.
A Surgeon with a Prototype and a Plan
It began with a simple idea—a better plate and screw system—and an early exposure to SolidWorks that helped Dr. Chin visualize his designs. The X-Plate was his first foray into product development. But it wasn't until he received his first three patents that he realized: protecting ideas was not enough. They had to translate into real products that solved real surgical problems.
Breaking Through with MANTIS
That realization led to the MANTIS (Minimal Access Nontraumatic Insertion System) percutaneous pedicle screw. After filing just two patents, interest from Zimmer and Stryker came quickly. MANTIS was ultimately acquired by Stryker before even reaching the market. It was proof that strong intellectual property and clinically relevant innovation could open doors—even for an independent surgeon.
The Birth of KIC Ventures
Founded in 2005 as Kingsley Investment Company and evolving into KIC Ventures by 2013, Dr. Chin's vision matured from inventor to investor. KIC Ventures was created to give physicians and engineers a seat at the table. While others chased institutional funding, Dr. Chin raised over $20 million directly from physicians who believed in their collective ability to improve spine care.
Milestones of Physician-Led Investment
- 2014 : Acquired AxioMed Corporation, developer of a viscoelastic total disc replacement.
- 2018 : Acquired NanoFuse Biologics, combining demineralized bone matrix with bioactive glass.
- 2020s : Expanded outpatient-focused LESS (Less Exposure Spine Surgery) portfolio to include Sacrix, InSpan, FacetFuse, and NanoFuse Biologics.
Surgeons + Engineers: A Blueprint for Innovation
At KIC Ventures, every innovation starts with a problem in the OR. Surgeons identify the issue. Engineers bring it to life. Together, they test, iterate, and validate—with IP protection and FDA clearance paving the way. It's a repeatable process rooted in collaboration:
Honoring the Legacy: Dr. Art Steffee and the Surgeon-Innovator Blueprint
Long before today's medtech startups, surgeon-entrepreneurs like Dr. Art Steffee laid the foundation for innovation in spine care. A practicing orthopedic surgeon, Dr. Steffee founded Acromed , developed the first pedicle screw system introduced in the U.S., and created the Acroflex lumbar disc —the world's first viscoelastic disc replacement.
His vision and persistence not only advanced spine surgery but also proved the value surgeons bring to innovation. In 1998, Dr. Steffee sold Acromed to DePuy for $325 million, marking one of the most notable physician-led exits in medtech history.
"Dr. Steffee showed us that a surgeon's insight—combined with business acumen—can create enormous clinical and economic value. That legacy inspired many of us to follow his path." – Dr. Kingsley R. Chin
Today, KIC Ventures continues that legacy:
- We own the next-generation Acroflex design through AxioMed, a monolithic viscoelastic disc rooted in the same principles Dr. Steffee pioneered.
- We've redefined pedicle screw fixation through FacetFuse, a transfacet pedicle screw system designed to stabilize with less exposure and more precision.
As the medtech world turns toward smart devices and outpatient care, the surgeon-innovator model is more relevant than ever. Dr. Steffee's story proves that when physicians lead innovation, patients benefit—and so does the industry.
Disrupting the Old Guard
The traditional medical device model favored big companies, with surgeons playing a supporting role. KIC Ventures flipped that model. By putting physician-investors in control of design, development, and commercialization, Dr. Chin created a platform where clinical insight drives innovation—not corporate spreadsheets.
Resilience, Adaptability, and the Physician Advantage
Navigating legal scrutiny, anti-kickback concerns, and waves of market consolidation required more than business savvy. It demanded the same grit and discipline that surgeons apply in the OR. That mindset, along with decades of trust built with peers, gave Dr. Chin and his ventures a durable edge.
Looking Ahead: Smart Devices, AI, and the Next Era of LESS
As KIC Ventures celebrates 20 years and Dr. Chin marks 25 years since his first IP filing, the firm is accelerating its focus on smart devices, AI-assisted procedures, and next-generation biomaterials. The goal remains the same: reduce surgical exposure, preserve anatomy, and restore function.
The Movement Has Begun
Physicians across the country are realizing they can be more than users—they can be owners and innovators. Dr. Chin's journey shows what's possible when doctors step into the arena, embrace entrepreneurship, and build innovations that serve both their peers and their patients.
About Dr. Kingsley R. Chin
Dr. Kingsley R. Chin is a Harvard-trained orthopedic spine surgeon, entrepreneur, and CEO of KIC Ventures. He completed his spine fellowship with Dr. Henry H. Bohlman, served as Chief of Spine Surgery at the University of Pennsylvania, and has since pioneered the Less Exposure Spine Surgery (LESS) technique. With over 60 U.S. patents, he is recognized for his contributions to spine surgery innovation and medical entrepreneurship.
About KIC Ventures. Founded in 2013 as the venture arm of Kingsley Investment Company LLC, KIC Ventures focuses exclusively on advancing outpatient spine surgery through its Less Exposure Spine Surgery (LESS) philosophy. With a portfolio of innovative spine technologies and a commitment to empowering physicians, KIC Ventures has become the world's largest private equity firm with a majority-owned portfolio of differentiated spine companies focused on outpatient spine solutions.
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SOURCE KIC Ventures