Since 2012, deals to early-stage medical device companies have hovered around 30% of total deal volume to the category.corporate investors alike are continuing to fund medical device startups in 2016 and the category is on track to see another year of increased deal activity.
Some of the early-stage startups being funded are tackling major issues in healthcare ranging from hearing loss to depression to traumatic brain injury. Below, we look at 12 companies that were funded in the past 20 months.
Within the group, five healthcare specialties stood out:
- Diagnostics: Click Diagnostics & Owlstone Medical
- Cardiology: Impulse Dynamics & Iowa Approach
- Neurology: Tal Medical, Neural Analytics, & IRRAS
- Orthopedics: CyMedica Orthopedics & OssDsign
- Surgery: Gecko Biomedical & Cambridge Medical Robotics
Using the CB Insights platform, we identified 12 early-stage medical device startups which received seed or Series A funding since 2015, and ranked them by total funding received. None have yet received a Series B. Scroll down to see the full list.
1. Gecko Biomedical
Gecko Biomedical, based in Paris, France, develops non-toxic, biodegradable sealants and adhesives for wound closure within the field of surgery, with a focus on minimally invasive surgery.
Select investors: Omnes Capital, Sofinnova Partners, BPI France, CapDecisif Management
Total disclosed funding: $38.1M
2. Impulse Dynamics
Impulse Dynamics develops electrical therapies for the treatment of chronic heart failure. Their Optimizer device delivers periodic electrical pulses intended to train the heart muscle to contract properly with no increase in oxygen consumption, enabling the heart muscle to work more efficiently. The device has been launched in Europe.
Select investors: Dr. Peter Lee Ka Kit (angel investor)
Total disclosed funding: $30M
3. CyMedica Orthopedics
CyMedica Orthopedics develops and commercializes products that target joint injuries and the resulting muscle atrophy. Their product, the QB1 Muscle Activation System, makes use of neuromuscular electrical stimulation and is intended to accelerate physical rehabilitation and recovery.
Select investors: California Technology Ventures, Aphelion Capital, Research Corporation Technologies
Total disclosed funding: $23.7M
4. Iowa Approach
Iowa Approach is developing a collection of catheter-based tools used to treat atrial fibrillation. The company is working to make atrial fibrillation ablation safer, faster, more accessible, and less expensive.
Select investors: MedVenture Associates, F-Prime Capital, Sante Ventures, Boston Scientific Corporation, Plains Angels
Total disclosed funding: $21.5M
5. Precision Ocular
Precision Ocular is a retinal therapeutics company developing technologies that enable the delivery of drugs to specific back-of-eye tissues resulting in improved therapeutic benefits and safety. The company is initially targeting age-related macular degeneration and diabetic macular oedema.
Select investors: Neomed Ventures, Imperial Innovations, V-Bio Ventures, Consort Medical
Total disclosed funding: $20.6M
6. Cambridge Medical Robotics
Cambridge Medical Robotics is developing a robotic system for minimal access surgery. The company’s vision is to make minimal access (or keyhole) surgery universally accessible and affordable by significantly expanding the range of procedures that can be performed robotically.
Select investors: Cambridge Innovation Capital, Escala Capital, ABB Technology Ventures, LGT Capital Partners
Total disclosed funding: $20.3M
7. Click Diagnostics
Click Diagnostics is developing a user-centric, technology-first approach to diagnostics with the ultimate aim of redefining the way disease is tested and treated.
Select investors: Artiman Ventures
Total disclosed funding: $16M
8. Tal Medical
Tal Medical is a clinical-stage company developing a non-invasive, rapid-acting neuro-modulation therapy based on low-field magnetic stimulation. The therapy is intended for the treatment of major depressive disorder and bipolar depression.
Select investors: National Institute of Mental Health, PureTech
Total disclosed funding: $14.7M
9. Neural Analytics
Neural Analytics is developing an ultrasound-based headset intended to measure, diagnose, and track brain health, with a current focus on Traumatic Brain Injury (TBI). The company combines data science with portable medical robotics to empower first responders and clinicians to accurately assess mild to severe TBI, including concussions.
Select investors: MassChallenge, Tech Coast Angels, Tiger Media, JSR
Total disclosed funding: $16.3M
10. OssDsign
OssDsign is focused on developing implants for bone replacement, based on its bio-ceramic technology. Lead products in development include OssDsign Cranial, which uses titanium-reinforced calcium phosphate tiles for cranioplasties, and OssDsign Facial, which uses a similar base applied to facial bone augmentation.
Select investors: SEB Venture Capital, Fouriertransform, Karolinska Development
Total disclosed funding: $12.8M
11. IRRAS
IRRAS is developing devices to meet the challenges of fluid control and management for a broad range of brain pathologies, central nervous system therapeutic applications and procedures. The company’s technology, called IRRAflow, provides intelligent, dynamic control of brain fluids, for irrigation and aspiration, precise infusion of fluids, and intracranial pressure monitoring all in one unit.
Select investors: Serendipity/ Ixora, The Vandel Group
Total disclosed funding: $11.3M
12. Owlstone Medical
Owlstone Medical has developed and is commercializing a breathalyzer for use in clinical diagnostics and precision medicine with applications in cancer, inflammatory, and infectious disease. The device measures metabolites in the patient’s breath or bodily fluids which are specific to certain diseases such as lung cancer.
Select investors: National Science Foundation, Medtekwiz Advisory
Total disclosed funding: $9.48M
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