The US accounts for 77% of global medical device deal share while Israel and the United Kingdom are tied for second. The US accounts for 77% of global medical device deal share while Israel and the United Kingdom are tied for second.
Global funding to private medical device companies rose in 2016, reaching nearly $4B in 2016 across 479 deals. The United States receives a lot of attention when it comes to funding medical device startups, but private companies around the world are raising significant rounds.
For example, this year has seen rounds to Atlas Genetics in the United Kingdom, MedLumics in Spain, and Breath Therapeutics in Germany. In addition, Israel, one of the most active hubs of medical device activity, saw medical technology giant Becton Dickinson take a $250M corporate majority stake in Caesarea Medical Electronics, a manufacturer of infusion and syringe pump systems.
Below, we used CB Insights data to track funding and deal flow to companies operating in the US and internationally. We also created a map showcasing the top 3 most well-funded medical device startups in countries with at least 10 private medical device companies. Scroll down to see the map and a full list of startups included in the graphic.
Quarterly funding trends
On a quarterly basis, equity funding to private US-based medical device companies saw a 141% increase from $675M in Q4’16 to $1.63B in Q1’17. Meanwhile, funding to medical device companies outside of the US saw a 64% decrease from $892M in Q4’16 to $323M in Q1’17.
A few of the larger US-based deals in Q1’17 were Verily Life Sciences‘ $800M raise from Temasek Holdings, Neuropace’s $50M raise from Johnson & Johnson Innovation, Kleiner Perkins Caufield & Byers, and KCK Group, as well as the $50M round of Israel-based CNoga Medical from BOE Technology Group.
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Startups are working on connected devices, next-gen prosthetics, and robotics aimed at the medical field. Look for Medical Devices in the Collections tab.
Track medical device startupsVerily, an Alphabet company, is working on devices such as a miniaturized continuous glucose monitor, smart contact lens, retinal imaging solutions, and surgical robots. Neuropace develops an implantable neurostimulator that monitors brainwaves in order to normalize activity before a seizure begins. And CNoga Medical develops noninvasive devices that measure biological parameters including glucose, blood pressure, and blood oxygen saturation.
Quarterly deal flow
Equity deals to US-based companies, which have been trending down since Q2’15 and hit a 4-year low in Q4’16, rebounded in Q1’17 to hit 132. This was the first quarter above 130 deals since Q3’14.
Deals outside the US fell to 48 in Q1’17 following two consecutive quarters above 50. However, international medical device deals have been slowly trending up internationally since hitting a low in Q3’14.
Recent international deals include the $1.09M seed round of Finland-based Kide Systems, the $6.5M Series A of Israel-based EyeYon, and the $37M Series B of Spain-based MedLumics. Kide Systems develops connected optical imaging products; EyeYon is working on opthalmic devices for the treatment of corneal edema; and MedLumics focuses on light-based diagnostic techniques.
Global deal share
US-based medical device startups have received 77% of the global deal share since 2013. Israel and the United Kingdom took second with 4% each, followed by Canada and Germany tied for third.
The largest international deals since 2013 were to companies based in Japan (Panasonic Healthcare), the United Kingdom (Oxford Nanopore Technologies), and Israel (Caesarea Medical Electronics). Countries in the “Other” category were home to deals including the $85M Series F of Switzerland-based Biocartis (IPO 2015), the $31.3M Series A of Belgium-based Novadip Biosciences, and the $24.5M deal to Chennai, India-based Trivitron Healthcare.
Global map of medical device startups
For our map, we identified the countries with 10 or more private medical device startups and highlighted the top 3 most well-funded companies in each country.
This map is not meant to be exhaustive of companies in the space. Click on the image below to enlarge.
| Company | Country | Total Funding ($M) |
|---|---|---|
| Boreal Genomics | Canada | $24.50 |
| Exact Imaging | Canada | $21.20 |
| Intellijoint Surgical | Canada | $12.24 |
| Oxford Nanopore Technologies | United Kingdom | $495.78 |
| Atlas Genetics | United Kingdom | $86.50 |
| Quanta Fluid Solutions | United Kingdom | $57.52 |
| Retina Implant | Germany | $46.27 |
| Breath Therapeutics | Germany | $45.90 |
| Invendo Medical | Germany | $36.60 |
| General Medical Merate | Italy | $16.15 |
| Movendo Technology | Italy | $11.15 |
| Silk Biomaterials | Italy | $8.45 |
| 4Tech | Ireland | $36 |
| VistaMed | Ireland | $20.72 |
| Vivasure Medical | Ireland | $18.23 |
| Sequana Medical | Switzerland | $60.50 |
| Sensimed | Switzerland | $42.02 |
| G-Therapeutics | Switzerland | $40.80 |
| BoneSupport | Sweden | $79.90 |
| OssDsign | Sweden | $12.83 |
| Promimic | Sweden | $12.80 |
| Vivostat | Denmark | $13.30 |
| Acarix | Denmark | $4.70 |
| FBC Device | Denmark | $3.73 |
| WuXi AppTec | China | $1,500 |
| Xinrong Best Medical Instrument Co. | China | $100 |
| Venus Medtech | China | $37 |
| Signostics | Australia | $44 |
| Bionic Vision Technology | Australia | $18 |
| Atomo Diagnostics | Australia | $13.07 |
| InSightec | Israel | $188.05 |
| EarlySense | Israel | $88 |
| Bio Control Medical | Israel | $70 |
| EndoMaster | Singapore | $15.02 |
| AWAK Technologies | Singapore | $11.20 |
| Racer Technology | Singapore | $1.33 |
| Prognosys Medical Systems | India | $33.23 |
| Perfint Healthcare | India | $29.23 |
| SMT | India | $25 |
| Valkee | Finland | $10.33 |
| Synoste | Finland | $6.25 |
| Arctic Diagnostics | Finland | $2.70 |
| STAT-Diagnostica | Spain | $53.44 |
| MedLumics | Spain | $41.70 |
| Transplant Biomedicals | Spain | $4.22 |
| Novadip Biosciences | Belgium | $31.30 |
| Nyxoah | Belgium | $30.94 |
| iSTAR Medical | Belgium | $16.38 |
| NightBalance | Netherlands | $13.95 |
| Fortimedix Surgical | Netherlands | $12.11 |
| NovioSense | Netherlands | $2.10 |
| EyeTechCare | France | $51.76 |
| Biom’Up | France | $45.90 |
| Gecko Biomedical | France | $38.06 |
| Verily Life Sciences | United States | $800 |
| Proteus Digital Health | United States | $417.20 |
| Adaptive Biotechnologies | United States | $415.60 |
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| Gecko Biomedical | Gecko Biomedical | France | 38.06 |
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