Medtech Funding: Breaking Down the $100M+ Rounds

When it comes to medtech funding, headlines announcing massive rounds tend to grab attention but rarely tell the full story. A single dollar figure does not explain what’s being built, how advanced the technology is, or which investors are willing to bet big on its future. Those details matter, especially when the raise crosses the $100 million threshold. These “mega rounds” not only validate individual companies but also signal broader momentum across the sector.

At the midway point of August 2025, the pace of activity has already exceeded expectations. Multiple nine-figure deals, IPOs, and acquisitions have come through, placing this month at the high end of historic averages. The message is clear: innovation is still attracting meaningful capital, even in a challenging market environment. Below, we break down the standout financings and what they reveal about the current state of medical technology investment.

Mega Rounds, at a Glance

These events set the tone for the month, but the real momentum comes from the mega rounds themselves.

Apreo Health: $130M Series B

Apreo Health is working to transform treatment for the millions of people living with emphysema. Its Breathe Airway Scaffold is designed to expand treatment eligibility compared to today’s limited options. The device already holds FDA Breakthrough Device Designation, positioning it for an accelerated path toward commercialization.

The $130 million Series B was co-led by Bain Capital Life Sciences and Norwest, with participation from Intuitive Ventures, F-Prime, Lightstone Ventures, and SANTÉ. Notably, some of these backers, F-Prime, Intuitive, and Lightstone, previously came together in 2024 to support neuromodulation innovator Amber Therapeutics in a different mega round. That consistency highlights how top-tier firms are forming syndicates around areas of high unmet clinical need.

Early feasibility studies suggest Apreo’s technology is not only safe but also scalable, raising expectations that the company could significantly expand the treatment pool for emphysema patients worldwide.

SetPoint Medical: $140M Series C and D

SetPoint Medical continues to attract a mix of venture and strategic investors. Its latest $140 million financing was co-led by Elevage Medical Technologies and Ally Bridge Group, joined by SPRIG Equity, Northwell Health, and an undisclosed strategic partner. They add to a long list of backers that already includes Boston Scientific, Abbott, and other leading corporations.

The company’s platform uses neuromodulation to regulate the immune system. While SetPoint is initially targeting rheumatoid arthritis, its pipeline has potential applications in ulcerative colitis, Crohn’s disease, and multiple sclerosis. With six strategics now invested, and Boston Scientific emerging as a particularly active supporter, SetPoint represents a rare case of widespread corporate alignment around a single startup. 

Orchestra BioMed: $111M Later-Stage Financing

Orchestra BioMed closed a $111 million financing package that included strategic deals, public transactions, and private equity placements. The company is focused on two major cardiovascular opportunities:

1. Device-based therapies for the 150 million people worldwide with difficult-to-manage hypertension.
2. Innovations addressing coronary artery disease, which affects more than 40 million patients in need of intervention.

Ligand Pharmaceuticals and Medtronic participated in the round. Medtronic’s involvement is particularly notable, given its own large-scale investment in renal denervation for hypertension. Backing Orchestra suggests a deliberate move to double down on the broader device-based hypertension market.

For those who attended LSI USA ’25, this financing was foreshadowed on stage when David Hochman (Orchestra BioMed) and Chris Eso (Medtronic) discussed partnerships and the shifting risk-reward balance in cardiovascular innovation. The recent raise confirms that those conversations were leading indicators of what was to come.

Strategics Take Center Stage

One unmistakable theme across these deals is the role of strategic investors. Whether disclosed or kept under wraps, strategics want early stakes in the technologies that could reshape markets. In fact, “Undisclosed strategic investor” has become almost a running joke across deal announcements this year, reflecting how frequently corporates are participating behind the scenes.

This year alone, the phrase has appeared more than a dozen times in our Compass database. The pattern is clear: established players want both visibility and influence as the next wave of medtech innovators scales toward commercialization.

How August 2025 Compares

According to Compass, LSI’s market intelligence platform, 24 mega rounds have closed so far this year. August already sits at the historical average for monthly activity, and the month isn’t over yet.

Top months of 2025 to date:

• January: six mega rounds
• April: four mega rounds

Overall, mega-round activity is up 71.4% compared to 2024, a remarkable year-over-year increase. The sharp rise reinforces that medtech funding remains resilient and that investors are willing to write large checks for high-potential technologies.

Medtech Funding Shows No Signs of Slowing

The surge of mega rounds in August 2025 demonstrates that medtech funding is not only holding steady but accelerating. From emphysema devices to immune-modulating neuromodulation platforms and device-based cardiovascular therapies, investors are writing large checks for technologies with the potential to transform patient care. With strategics playing an increasingly central role, the line between investor and acquirer is becoming more blurred.

As the industry turns its attention to LSI Europe ’25, the outlook for medtech funding remains strong. If current trends continue, 2025 may end as one of the most active years on record for mega rounds, IPOs, and acquisitions.