July Medtech Funding

Across the Medtech industry, monthly funding increased for the second month in a row. Using insights powered by Medtech Pro, by LSI below is a breakdown of July 2023 financing in Medtech (excluding pharma and drug therapy financings).

LSI Alumni July 2023 Funding Update

July was another impressive month of funding for the #LSIAlumni raising over $115 million across 8 deals.

Enspectra Health

• Awarded $2M in grant funding from the National Cancer Institute (NCI).

• The funding will support research for developing deep learning algorithms to predict which precancerous lesions, Actinic Keratosis (AK), are likely to progress to squamous cell carcinoma (SCC), a form of non-melanoma skin cancer.

Watch Enspectra Health’s presentation from LSI USA ‘21.

IotaMotion

• Raised $12 Million in an oversubscribed Series A funding round.

• The round was led by Research Corporation Technologies, Inc. (RCT) with participation from Mutual Capital Partners, ISA Ventures, and Next Level Ventures.

Watch IotaMotion’s presentation from LSI USA ‘22.

Liberate Medical

• Closed a $6.2M Series B Funding round co-led by a large strategic investor and Scientific Health Development.

•  The funding will be used to support the pivotal clinical trial of VentFree, known as the PREVENT trial.

MIMOSA Diagnostics

•  Announced the successful closing of a convertible debenture financing round led by Archerwill Investments, the Ontario Centre forInnovation through the Life Sciences Innovation Fund (LSIF), Tidal Venture Partners, and the XDL Group.

• The funds will be used to accelerate MIMOSA's growth, including the hiring of the team necessary to fully commercialize in the United States. 

Watch MIMOSA Diagnostics presentation and interview from LSI USA ‘23.

Proprio

• Raised a $43 Million Series B funding round from both new and existing investors.

• The funding will be used to fuel commercialization to address significant demand for Proprio's AI-driven surgical navigation platform in the US and overseas.

Watch Proprio’s presentation and interview from LSI USA ‘22.

RIVANNA

• Received $30.5 million from the Biomedical Advanced Research and Development Authority (BARDA) to advance the Accuro XV musculoskeletal imaging system.

• The funding is received over 39 months from early execution of an option by BARDA, part of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services (HHS).

Watch RIVANNA’s presentation from LSI USA ‘23.

Smartlens

• Closed a $6.1M Series A round led by Ambit Health Ventures, to advance regulatory clearance for miLens, a novel, electronics-free, soft contact lens for monitoring diurnal intraocular pressure (IOP).

• The round was also joined by Stanford University, Graphene Ventures, Sophia Innovation Capital, Plaisance Capital Management, 3E Bioventures, Boutique Venture Partners and Wilson Sonsini Investments alongside doctors, industry veterans and key opinion leaders.

Watch Smartlens presentation from LSI USA ‘23.

VenoStent

• Raised a $16M Series A led by Good Growth Capital and IAG Capital Partners to fund their US Pivotal Trial and expand manufacturing capabilities, aiming towards FDA Approval of their therapeutic medical device.

• Granted Investigational Device Exemption (IDE) from the FDA for their US clinical trial, SAVE-FistulaS.

Watch VenoStents’ presentation from LSI USA ‘21 and LSI USA ‘22.