Nov 3, 2020

Medtech Startups: Venari Medical, Companion Medical, InnoVein, & more


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

Venari Medical completes $5.3M Seed round

The company is developing BioVena, a catheter-based therapy for chronic venous disease. BioVena disrupts the inner vessel lining, which causes natural scarring and vessel closure that diverts blood away from the diseased vessels. Abbott, Boston Scientific, and Edwards are some of the key strategics in the competitive landscape.

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Companion Medical – a smart insulin pen to eliminate the guesswork of insulin delivery

InPen is an FDA-cleared smart insulin pen system that utilizes a reusable insulin pen and a smartphone application to easily administer a patient’s insulin. To-date, Companion Medical has raised $31.9M. In August 2020, Medtronic announced that it would acquire Companion Medical for an undisclosed amount.


InnoVein is developing a valve replacement device for peripheral vein disease

According to InnoVein, over 10% of the US is affected by faulty veins that can cause pain, swelling, and backflows of blood that by current available techniques can only be managed palliatively. The company is developing an implantable prosthetic valve to replace poorly functioning venous valves in the legs. To-date, the company has raised $6.7M.

Luminostics receives a National Institutes of Health contract for its rapid COVID antigen test

The company develops a smartphone-based diagnostic platform, which uses an inexpensive adapter and “glow-in-the-dark” nanochemistry and AI to detect bacteria, hormones, proteins, and viruses from biological samples (e.g. blood, saliva). In October, the company was awarded a RADx contract by the National Institutes of Health to support the development of its 30-minute, point-of-care SARS-CoV-2 test. Key strategics in the point-of-care diagnostics market include Abbott, Qiagen, and Roche.

WetWare Biosystems is developing a device-based treatment for traumatic brain injury

WetWare’s device, IRONCROWN, is implanted into a helmet to detect and respond to pressures and impacts capable of causing traumatic brain injury. The device has applications for the defense and civilian sectors. WetWare is currently focused on scaling R&D through Small Business Innovative Research grants distributed by the US Department of Defense.

Orthopedic sensor developer, OrthoSensor, raises $1.3M

OrthoSensor develops and commercializes Veresense, a single-use sensor that ensures soft-tissue stability and orthopedic implant position. The company’s technology supports healthcare providers improve clinical outcomes during primary and revision total knee arthroplasty. OrthoSensor has raised approximately $90M. Major competitors in the orthopedics market include DePuy Synthes, Stryker, and Zimmer-Biomet.

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