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Aug 18, 2021

Medtech Startups: Neuromersiv, Mahana Therapeutics, Zilia, & more


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

The lull in medtech startup fundraising transactions continues from last week, with approximately $93.2M in funding raised across 5 deals. Total fundraising continues to decline from the $446M high seen two weeks ago.


Below are some of the top deals tracked over the past week:

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Top Deals – Medtech Fundraising Transactions for the Week



Amount Raised


Mahana Therapeutics

Digital therapeutics for chronic conditions


Series B


Non-invasive continuous glucose monitoring


Series B

Flow Neuroscience

Wearable neurostimulation for treating depression


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:


Memic Innovative Surgery is going public through SPAC merger

Israeli-based surgical robotics developer Memic announced that the company will go public later this year through a merger with special purpose acquisition company (SPAC) MedTech Acquisition Corp. The merger is expected to be completed in the fourth quarter of 2021. Prior to the merger, Memic had obtained de novo marketing authorization from the FDA for its Homnis Surgical System – an endoscopic instrument control system indicated for laparoscopically performing transvaginal benign gynecologic procedures (e.g. benign hysterectomy). The merged company will have an estimated pro-forma equity value exceeding $1B, which includes $63M from Memic’s balance sheet. 

Neuromersiv – rehabilitating the brain using virtual reality

Neuromersiv is developing a neurorehabilitation platform that combines wearable technology (haptics) and virtual reality (VR) to help patients recover from brain injuries. The VR software is compatible with consumer VR headsets to provide patients with gamified tasks that rehabilitate patients. According to Neuromersiv, this new approach to rehabilitation has the potential to improve engagement and lower costs when compared to traditional rehabilitation therapies. Earlier this year, the company raised $1M from a Seed round of financing, bringing the total funding amount of Neuromersiv to $2.1M. The company is currently working with 11 rehabilitation centres in Australia, India, and Taiwan as part of their initiative to strengthen the clinical evidence supporting the utilization of their platform.  


Mahana Therapeutics raises $61M in Series B financing

The company, which develops prescription digital therapeutics to address chronic conditions, shared that the funds will be used to commercialize their FDA-cleared Mahana IBS (irritable bowel syndrome) digital therapeutic and fund the development of new digital therapeutics. The recent round brings the company’s total funding amount to $81.6M. As a prescription digital therapeutic, Mahana IBS provides patients with three months of cognitive behavioral therapy (CBT) that take the form of 10-minute daily lessons that help to reduce the severity of all subtypes of IBS. Prescription digital therapeutics have rapidly attracted the attention of investors, healthcare providers, and patients as a new form of treating chronic conditions, including opioid addiction, cardiometabolic diseases, and diabetes, among other conditions.


Flow Neuroscience – wearable neurostimulation device for depression treatment

Flow Neuroscience has developed a medication-free neurostimulation device to treat depression. A wearable headset and smartphone application to apply transcranial Direct Current Stimulation (tDCS) to restore activity in the Dorsolateral Prefrontal Cortex and decrease depressive symptoms. According to the company, users of the Flow tDCS headset notice a reduction in depression in under 2 months. Treatment consists of 30-minute stimulation sessions performed 5 times a week for up to 3 weeks, followed by 1 to 2 sessions per week as needed. The company has received the CE mark to commercialize the Flow tDCS in Europe.


Zilia completes Seed round raising $3.2M

Zilia is developing a retinal camera that measures the oxygen saturation of the retina to diagnose and monitor ophthalmic diseases such as diabetic retinopathy and glaucoma. Oxygen is a key biomarker linked to the metabolic responses and pathophysiologies of the eye and brain.  While the device is initially being investigated for use in ophthalmic diseases, the technology can be used in other research fields including cardiology, neurology, and oncology. Key strategics in the ophthalmic imaging and diagnostics market include Alcon, Carl Zeiss, and Topcon


Fluid Biotech is developing a next-generation resorbable stent

The device is being touted as the first bioabsorbable stent to treat brain aneurysms. Fluid Biotech’s device features a self-expanding stent design composed of a hybrid polymer-metal that is gradually absorbed into the vessel wall after the aneurysm has been cured. Benefits of this new stent include patients no longer requiring life-long anticoagulant therapy, while minimizing interference with follow-up radiological imaging/testing. In early August 2021, the company announced that it had completed a Seed round of fundraising for $4.7M. Abbott, Boston Scientific, and Medtronic are the top three strategics in the interventional cardiology and vascular solutions market.

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