Published on Aug 31, 2021
LSI's Medtech Startup Tracker is focused exclusively on covering the privately-held innovators changing the medical device landscape.
This week in medtech deals approximately $110M in funding was raised across 9 deals, in addition to other undisclosed deals that were announced. This represents a slight uptick in total weekly fundraising after 3 weeks of declining volumes. The majority of the fundraising for the week was attributable to startups in the digital health sector.
Below are some of the top deals tracked over the past week:
Top Deals – Medtech Fundraising Transactions for the Week
Prescription digital therapeutics
Epilepsy monitoring and management system
Holistic digital health platform
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:
The company received a strategic investment for an undisclosed amount from Bioventus. As part of the investment, Bioventus has obtained exclusive sales and distribution rights to Trice Medical’s products outside of the US. Trice Medical is focused on the development and commercialization of minimally invasive orthopedic imaging solutions, including it’s single-use arthroscope mi-eye 3, mi-ultra ultrasound system, and Seg-WAY endoscopic release system. In addition to the undisclosed Series D investment, Trice Medical has raised $60.9M in total funding.
Nutromics raises $4.2M for continuous molecular monitoring platform
The investment will allow Nutromics to start manufacturing and begin its first-in-human clinical trial for the company’s biosensor platform. According to Nutromics, the wearable device will provide clinicians and patients with real-time molecular-level insights for multiple biomarkers. Nutromics initial focus for their technology will be the therapeutic drug monitoring for vancomycin for the prevention of acute kidney injury complications. With the completion of this recent fundraising round, Nutromics has raised an estimated $7.1M in capital.
Venstra Medical raises $2M in Seed funding
Venstra Medical is developing a catheter-based heart pump to provide cardiac support to patients in need of cardiopulmonary support. According to Venstra Medical, the temporary device will allow cardiologists to provide patients in need of cardiac support a treatment option that does not require surgical intervention. Hemodynamic support systems that are commercially available today include percutaneous cardiopulmonary bypass (pCPB), intraluminal axial support (Abiomed’s Impella), and left atrium-to-femoral artery bypass (TandemHeart). Abbott, Abiomed, and LivaNova are some of the leading competitors in the cardiac support systems market.
Revolve Surgical – an accessible robotics system for every operating room
The Toronto-based startup is developing a surgical robotics platform that the company claims will be 1% of the cost and size of competitive platforms. Revolve’s platform will offer a hybrid manual-robotic approach that aims to limit the cost, size, and training required by current systems. This month the company announced that they have joined Y Combinator’s S21 cohort. The surgical robotics market, which is part of the larger digital surgery market, continues to attract the interest of strategics and startups, as companies like Asensus, Galen, and Intuitive develop new means to improve surgical outcomes.
Better Therapeutics – a prescription digital therapeutic for Type 2 diabetes
Better Therapeutics is developing BT-001, a digital therapeutic that uses a proprietary form of cognitive-behavioral therapy (CBT) for the treatment of patients with uncontrolled Type 2 diabetes. In addition to treating patients with Type 2 Diabetes, the company has initiated 4 pilot studies evaluating digital therapeutics for the treatment of hyperlipidemia, hypertension, and Type 2 diabetes with hypertension. In late August 2021, Better Therapeutics secured a loan from Hercules Capital worth up to $50M. The company announced in April 2021 that it would go public through a SPAC merger with Mountain Crest Acquisition Corp. II that will value the company at $187M.
Abtrace is developing an artificial intelligence “plugin” for EHRs
Abtrace’s mission is deliver personalized patient insights leveraging the wealth of information stored by electronic health records (EHRs). The company’s AI will offer healthcare providers proactive monitoring and patient-specific predictive care using machine learning algorithms that recognize patterns from de-identified medical datasets and medical notes. Abtrace has developed their platform in partnership with UK clinicians and the National Health Service (NHS). Anthem, Cerner, and Epic are some of the leading EHR companies where Abtrace’s AI software can yield time-saving, patient-benefitting health insights.
Learn about the hottest venture funded startups developing innovative medical technologies using Life Science Intelligence’s Medtech Startup Tracker.
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