Jun 22, 2021

Medtech Startups: Fractyl Laboratories, Aevice Health, PainQx, & more

MedtechStartups_Fractyl Laboratories_LinkedIN

LSI's Medtech Startup Tracker is focused exclusively on covering the privately-held innovators changing the medical device landscape.

This week in medtech deals an estimated over $154.1 million in funding was raised across 4 deals, in addition to a number of other undisclosed deals that were announced. Here are some of the top deals tracked:

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Top Deals – Medtech Fundraising Transactions for the Week



Amount Raised


Fractyl Laboratories

Endoscopic treatment option for type 2 diabetes


Series F


Heart attack prevention software


Series B


In-vitro diagnostic solutions


Series A

Top deals for the week are based on publicly available information. At this time of this article’s publication, new deals for the week may have been announced.

LSI's Medtech Startup Tracker is focused exclusively on covering the innovators changing the medical device landscape. Here are some of the interesting startups we’ve recently profiled:

Fractyl Laboratories raises $100M from Series F round

The significant investment will go towards the initiation of multiple clinical trials to evaluate the company’s Revita System, an endoscopic duodenal mucosal resurfacing system for the treatment of insulin dependence in patients with type 2 diabetes. Fractyl’s technology has already been evaluated in 300 patients and has obtained the CE mark in Europe. It is Fractyl’s goal to offer patients with type 2 diabetes an alternative for the treatment of their disease, which has traditionally been managed with insulin therapy. In April 2021, the company announced that it had received Breakthrough Device Designation from the FDA for its Revita System. With the completion of this latest funding round, the company has raised approximately $290.1M to date.

Aevice Health – giving control to patients with chronic respiratory disease

Singapore-based Aevice Health is developing wearable solutions aimed at giving adults and children with chronic respiratory disease, such as asthma and COPD, a new means to manage their condition. Aevice’s wearable devices continuously monitor patients for early signs of potentially costly exacerbations. The company aims to provide patients and healthcare providers with the monitoring data necessary to promptly intervene and reverse the development of exacerbations, which often result in patients being hospitalized. June 2021, the company announced that it had raised $2.8M from a Pre-Series A funding round.

Myra Vision – first-of-its-kind treatment for intraocular pressure reduction

Shifamed portfolio company, Myra Vision, is developing a personalized flow solution for patients with moderate-to-severe glaucoma. In addition to allowing providers to change flow control as the patient’s needs evolve, the company’s technology will reduce procedural complexity and complication rates. Myra recently announced that it closed a Series A funding round for $17M. To date the company has raised $25.5M in capital. Carl Zeiss, Ellex Medical Lasers, and Glaukos are key strategics with device-based solutions for the treatment of glaucoma.

PainQx is developing a machine learning system to assess chronic pain

The current standard of care for pain assessment in patients is the numeric rating scale (NRS). However, this method requires patients to evaluate their own pain level, which is inconsistent and unreliable. PainQx is modernizing how we measure chronic pain with its ALGOS system, an AI-powered diagnostic device that objectively measures chronic pain. The company’s solution interprets electroencephalographic data from a patient, processes it through its proprietary algorithm, and classifies the patient’s current level of pain. Recently, the company received a grant for $1.5M from the Military Health System.

Owl Peak Labs – a novel thermal imaging system to detect early stage cancer

The pathogenesis of cancerous tissue has been shown to give off a unique thermal signature as the cells rapidly divide and undergoes vascularization. Owl Peak Labs is developing a proprietary system to capture and interpret thermal images to detect cancer earlier. The company is initially focused on developing its novel imaging and diagnostic platform for the detection of colorectal cancer. In June 2021, the company raised $1.5M from a seed round. The funding will support the development of the company’s innovative diagnostic platform.

Canopy – a next-generation N95 mask

Canopy is developing a next-generation respirator that addresses many of the limitations of current respirators. The Canopy platform is modular and allows users to switch between its two models – Hero and Flex – for a broad range of risk profiles and use-cases. The two models are designed to give users the choice between a more secure fit for healthcare providers and a pocket-sized, flexible unit. The company is continuing to add to its catalogue of personalized protective equipment (PPE) solutions, with a planned 2021 release for its Canopyshield device. Key strategics in the PPE market include 3M, Cardinal Health, and Honeywell.

Learn about the hottest venture funded startups developing innovative medical technologies using Life Science Intelligence’s Medtech Startup Tracker.