Top Deals – Medtech Fundraising Transactions for the Week

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:

Osso VR raises $27M for VR orthopedic surgery simulator

Osso VR’s virtual reality platform allows surgeons to train with new medical devices and procedures in a digital space. The VR software, which runs on Facebook’s Oculus Quest 2 headset, allows instructors and students to collaborate in a virtual operating room. Osso VR’s solution is just one of many innovative, digital solutions that are a part of the emerging Intelligent Surgery market. Their solution, and more like it, will help surgeons and other healthcare providers address the coming demands on the global healthcare system by using technology to work smarter and to continue to deliver high quality healthcare. Osso VR is currently partnering with major strategics in the orthopedic devices market, including Johnson & Johnson, Smith & Nephew, and Stryker. The close of this recent funding round brings the total amount of capital raised by Osso VR to approximately $43M.

Sense Relief – a digital therapeutic for the treatment of nausea

San Francisco-based startup Sense Relief has developed a digital therapeutic to provide drug-free relief from nausea. The Sense Relief application works with commercially available Apple Watches to apply acupressure to the P6 nerve acupoint on the inner wrist. In June 2021, Sense Relief received a grant from the University of California, San Francisco to further clinical studies of the Sense Relief application. The application is currently available for free from the Apple App Store. Other competitors developing solutions for the digital therapeutics market include Click Therapeutics, Livongo, and Omada.

Lumos Diagnostics raises $47M from Australian IPO

Funds from the round will support the company’s strategic growth and allow Lumos to pursue future commercial opportunities. Lumos develops rapid, point-of-care diagnostics to determine whether infections are the result of bacterial or viral infections. The company’s lead product, FebriDx is indicated for the differentiation of bacterial and viral acute respiratory infection.  In response to the COVID-19 pandemic, the company introduced CoviDx, a rapid antigen test capable of detecting COVID-19 and variant strains in 15 minutes. Both diagnostic tests have not received regulatory clearance in the US. After this recent fundraising round, the company has raised approximately $62M. Key strategics in the point-of-care diagnostics market include Abbott, BD, and Quidel.

Corify Care is developing a non-invasive system for cardiac mapping

The team at Corify has developed a non-invasive mapping system capable of mapping heart rhythms in under 2 minutes. The ACORYS system is comprised of an external ECG electrodes and proprietary image processing software to map the electrical activity of the heart. The system can be used for the diagnosis of arrhythmias and the guidance of ablation procedures. The Madrid-based startup recently raised $2.8M in capital from a Seed round. Estimates suggest that arrhythmia affects approximately 34M people worldwide. Traditionally arrhythmia mapping is done via a minimally invasive, catheter-based procedure. Market leaders in the arrythmia mapping market include Abbott, Boston Scientific, and Johnson & Johnson. 

Tioga Medical closes $30M Series B round

Shifamed portfolio company Tioga Medical announced that the investment will support pre-clinical testing and product development for the company’s technology. Tioga Medical is developing transcatheter valve replacement solutions for mitral and tricuspid valve replacement. It is the company’s goal to develop solutions that are less invasive and procedurally simpler. According to LSI’s Global Surgical Procedure Volumes Database, in 2019, approximately 37,000 mitral and tricuspid valve replacement procedures were performed in the US alone. Boston Scientific, Edwards, and Medtronic are some of the key strategics in the transcatheter valve repair and replacement solutions market.

Kahu – using artificial intelligence to detect skin cancer

Kahu’s technology is being developed to help healthcare professionals diagnose skin cancer earlier. The artificial intelligence at the heart of the company’s technology is being developed to leverage MoleMap’s world-leading database of 1M+ dermatological images. The technology is intended to be a clinical decision support tool that does not replace the physician, but rather implement more efficient population-based screening programs to help address the growing burden the skin cancer places on society. AI and telemedicine have seen a growing role in the detection and management of skin cancer, with startups such as First Derm, SkinVision and Skin Analytics providing patients and providers with digital solutions to manage their skin conditions.

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