LSI Alumni Funding Report Q2 2025

In Q2 of 2025, LSI Alumni raised over $500 million across 50+ deals and two M&A transactions. Our quarterly Alumni Funding Report features transactions made by these medical device startups and their investors.

To view the full report with the deals, companies, and investors involved, sign up for a free Compass account here. Here’s a quick look at a few of the deals:

Company

Amount

Type/Stage

OncoHost 

€2.5M

Grant

illumicell AI 

$2M

Pre-Seed

Azalea Vision

€9M

Series A

Materna Medical

$20M

Series B2

Biolinq 

$100M

Series C

restor3d 

$38M

Later Stage

OncoHost 

OncoHost and its European partners were awarded a €2.5 million EIC Transition grant to advance the development of NeutroFlow, a novel blood-based biomarker test for predicting immunotherapy response across five cancer types. The test aims to bring a cost-effective, point-of-care solution into routine clinical use, improving treatment precision and patient outcomes.

Investors included: EIC Transition Program of Horizon Europe

illumicell AI 

illumicell AI raised $2 million in pre-seed funding to accelerate development of its portable, real-time AI platform for male fertility diagnostics. By bringing lab-grade fluid analysis to the point of care, the startup aims to close diagnostic gaps, reduce delays, and expand access to cellular health insights.

Investors included: KOFA Healthcare, Harvard Phoenix Venture Fund, MedTechSyndicates, Dr. Jeremy Teoh, other healthcare operators, clinicians, and early-stage funds

Azalea Vision 

Azalea Vision raised €9 million in the first closing of its €15 million Series A to accelerate development of its intelligent ocular health platform. The funding will support first-in-human clinical trials, FDA IDE approval efforts, and advancement toward commercialization.

Investors included: SPRIM Global Investments, Afrimobility, and an undisclosed strategic investor

Materna Medical 

Materna Medical announced the completion of a recent close within an ongoing $20 million Series B2 financing round to support development and FDA submission of Ellora™, a device designed to reduce pelvic floor injury during vaginal delivery. The funding will advance the company’s mission to transform the standard of care in labor and delivery across top U.S. hospitals.

Investors included: InnovaHealth Partners (led), GLIN Impact Capital, Wealthing VC Club, Citrine Angels, Wavemaker Three-Sixty Health, Kimera Limited, Women’s Venture Capital Fund, Golden Seeds

Biolinq 

Biolinq announced a $100 million Series C round to advance its intradermal glucose sensor platform toward regulatory approval and commercial launch. The funding supports the company’s transition to market readiness, bringing its biowearable technology one step closer to empowering people with Type 2 diabetes (not on insulin) through real-time metabolic health insights.

Investors included: Alpha Wave Ventures (led), RiverVest Venture Partners, AXA IM Alts, LifeSci Venture Partners, M Ventures, Hikma Ventures, Aphelion Capital, Taisho Pharmaceutical, Features Capital.

restor3d 

restor3d raised $38 million in growth capital to accelerate the commercialization of four new fully 3D printed orthopedic product lines and expand access to personalized musculoskeletal care. The funding will support continued innovation in AI-driven design and additive manufacturing as the company scales its platform across musculoskeletal reconstruction.

Investors included: Summers Value Partners, other existing and new investors

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