May 24, 2021

Medtech Startups: Smart4Diagnostics, Nanodropper, Giiant Pharma, & more


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

The week of May 17th 2021 was an extremely light one in terms of volume and quantity of medtech deals. This week in medtech deals an estimated over $47.1 million in funding was raised across three 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



Healthcare IoT system


Series B

Giiant Pharma

Drug delivery platform




Blood-based diagnostic


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:

Smart4Diagnostics (S4DX) raises $6.1M

German-based S4DX recently received a strategic investment from SARSTEDT & the European Innovation Council as part of a Series A round. S4DX’s diagnostic platform digitizes collected blood samples and enables healthcare providers to own the entire diagnostic process – from sample collection to data analysis. The investment will allow the company to continue development and commercialization of its S4DX platform. BD, Guardant Health, and Roche are major strategics in the blood testing market.

Nanodropper – reducing medication costs and waste

According to Nanodropper, the volume of medication delivered via traditional eyedrop bottles results in significant wastes of medication. To address the increased costs and waste associated with traditional eyedroppers, the company developed an easy-to-use adaptor that allows patients and healthcare professionals to adjust medication delivery to the ideal drop size of 7-10 microlitres. In April 2021, the company raised $1.4M in Seed funding, which brings total funds raised to-date to approximately $1.9M.


Giiant Pharma raises $11M in Seed funding

Giiant Pharma is a Canadian-based biotechnology company developing drug delivery solutions for the treatment of gastrointestinal diseases. The investment will enable Giiant to initiate preclinical studies for the company’s gut-restricted, tissue-specific, small-molecule delivery platform and therapeutic. Giiant’s lead candidate, GT-2108, is being investigated as a targeted solution for the treatment of inflammation in the GI tract. Key strategics in the drug delivery market include Baxter, Gerreisheimer, and Ypsomed.


Trice Medical – optimizing orthopedic diagnostics

Trice Medical develops in-office diagnostic imaging solutions for orthopedic solutions. The company’s mi-eye 2 is FDA cleared for the illumination and visualization of body cavities during arthroscopic and endoscopic procedures. In addition to its camera-based solutions, Trice Medical has developed mi-ultra, an ultrasound transducer technology to help physicians diagnose joint injuries and guide injections. To date, Trice Medical has raised over $61 in capital. In April 2021, Trice Medical acquired Tenex Health, a developer of minimally invasive ultrasonic technologies for chronic pain in bone and soft tissue.


Tesseract Health is using retinal imaging to diagnose diseases

Tesseract Health is developing a retinal imaging diagnostic platform that will enable the diagnosis of a wide range of diseases. The Tesseract iC platform is intended to be an alternative to blood-based diagnostic technologies. In April 2020, the company raised $80M from an oversubscribed Series B round. Funds from the round will be used to support research and development of the company’s Tesseract iC diagnostic platform. In addition to funding further R&D endeavors, Tesseract will utilize the funds to obtain regulatory clearance and scale manufacturing.


Heartbeat Health – cardiovascular disease-focused telemedicine platform

Heartbeat Health has developed a telemedicine and virtual care platform specifically for the monitoring and management of cardiovascular disease patients. The platform was developed by cardiologists for cardiologists, and enables providers to remotely monitor their patients, coordinate care, and manage lifestyle choices. For patients, Heartbeat Health’s platform provides access to on-demand, 24/7 telemedicine care. The COVID-19 pandemic has created a massive shift in how healthcare is delivered in the US. Digital health and telemedicine funding activity was invigorated as a result of the pandemic, with many investors believing that telemedicine is here to stay.

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