Tracxn Healthcare Newsletter # 43 – Medical Devices

A daily newsletter summarizing recent activity & interesting startups globally

RECENT NOTABLE ACTIVITY – MEDICAL DEVICES

• Medpace, a contract research organization, released the pricing for its initial public offering which will bring in between $140M and $161M. Link
• CVRx, a developer of implant to treat heart failure, raised $93M in a Series G round led by Johnson & Johnson’s venture arm and $20M from a new debt facility. Link
• VytronUS, a developer of technologies for the treatment of cardiac arrhythmia, raised $49M is a Series C round from Apple Tree Partners, NEA, BioStar Ventures, and Windham Ventures. Link
  
• Direct Flow Medical, a developer of transcatheter aortic valve, raised $27M in a Series D round from 11 anonymous investors. Link
  
• Torax Medical, a developer of products to restore human sphincter function, raised $25M in a Series E round led by Johnson & Johnson’s venture arm. Link
• Osprey Medical, a developer of technology to reduce contrast dye exposure, raised $21M from institutional investors. Link
• Precision Ocular, a developer of drug delivery technology for ophthalmology, completes a £15.5M Series A funding round from Imperial Innovations, Consort Medical, NeoMed, V-Bio Ventures and Hovione Scientia. Link
  
• Ornim, a developer of noninvasive continuous blood-flow monitor, raised $20M in a Series C round led by LongTec HongTao China Ventures. Link
• GC Aesthetics, a developer of breast implants, raised $20M in a Series D funding round from Montreux Equity Partners, Oyster Capital and Barry’s Tea Holdings. Link
• Cambridge Medical Robotics, a developer of robotic systems for minimally invasive surgery, raised $20M in a Series A round from ABB Technology Ventures, LGT Global and Cambridge Innovation Capital. Link
• nVision Medical, a developer of microcatheter technology that allows access to the fallopian tubes, raised $12M in a Series B round led by Arboretum Ventures. Link
• Establishment Labs, a developer of breast implant technologies, raised an additional $6.8M to complete a $28M funding round from Crown Predator Holdings, JW Funds and Perceptive Advisors. Link
• Check-Cap, a developer of ingestible imaging capsule, raises $6M from an institutional investor. Link
• Mirabilis Medica, a developer of ultrasound based imaging and ablation devices to remove uterine fibroids, raises $5M in debt financing. Link
• DreaMed Diabetes, a developer of diabetes treatment and management solutions, raised $3.3M in a Series A funding round led by Norma Investments. Link
• Saranas, a developer of technology for the detection of internal bleeding during catheterization procedures, raised $1.4M is a Series A funding round. Link
• Beta Bionics, a developer of artificial pancreas, raised $1M in as equity crowdfunding round. Link
• Titan Spine, a developer of interbody fusion devices for spinal surgery, raised an Undisclosed funding from Southlake Equity Group. Link
• Zimmer Biomet has entered into the surgical robotics arena with the purchase of France’s Medtech for an estimated $132M. Link
• InSeal Medical won CE Mark approval for its InClosure vascular closure device designed to close large bore arterial punctures. Link
• Accuray won CE Mark approval for its Radixact treatment delivery platform designed for image-guided radiotherapy treatments. Link
• Relievant Medsystems won FDA 510(k) clearance for its Intracept intraosseous nerve ablation system designed for the treatment of chronic lower back pain. Link

SOME INTERESTING STARTUPS FOUND

Nuviant Medical (2014, Liege) – Develops Implantable neurostimulation systems for chronic diseases.
Aura Innovative Robotics (2015, Madrid) – Develops a diagnosing device for neurological and mental disorders.
Neurescue (2014, Copenhagen) – Develops a diagnosing device for neurological and mental disorders.

LEADER BOARD – MEDICAL DEVICES

THERAPEUTICS

Cardiovascular
TriVascular (1998, Santa Rosa, IPO) – Medical devices for endovascular aortic repair. Went public in 2014.
CVRx (2001, Minneapolis, $390M) – Implantable technology for hypertension and heart failure. Backed by DaVita Healthcare Partners, Piper Jaffray, Ysios Capital, JJDC, InterWest Partners, Silicon Valley Bank, SightLine Partners, NEA, Kearny Venture Partners, Frazier Healthcare Partners, ABS Ventures.

Orthopedics
ConforMIS (2004, Bedford, IPO) – Personalized, partial knee resurfacing implants to treat knee osteoarthritis. Went public in 2015.
Small Bone Innovations (2009, Morrisville, $171M) – Suite of orthopedic products for small bones and joints. Backed by Trevi Health Ventures, Goldman Sachs, Malaysian Life Sciences Capital Fund, NGN Capital, Viscogliosi Brothers, Axiom Ventures, Khazanah Nasional Berhad, 3i Group.

Surgery
Auris Surgical Robots (2009, San Carlos, $184M) – Robotic microsurgical systems for ophthalmic surgery. Backed by NaviMed Capital, Lux Capital, Mithril Capital Management and Highland Capital Partners.
Medrobotics (2011, Raynham, $140M) – Robotic surgical devices for minimally invasive surgery. Backed by Hercules Technology Growth Capital and Pittsburgh Life Sciences Greenhouse.

Ophthalmology
TearScience (2005, Morrisville, $151M) – Diagnosis and Treatment of Evaporative Dry Eye. Backed by Spray Venture Partners, Essex Woodlands Health Ventures, eneralcatalyst.com, HealthCare Royalty Partners, Investor Growth Capital, DeNovo Ventures and Quaker BioVentures.
Avedro (2007, Waltham, $130M) – Corneal cross-linking technology. Backed by Interwest, OrbiMed Advisors, Prism Venture Management, DeNovo Ventures, Flagship Ventures, Aperture Venture Partners, SCP Vitalife Partners, Borealis Ventures, Abingworth, Third Point, and Prism Venture.

DIAGNOSTICSPlatform Technologies
Neusoft Medical System (1998, Shenyang, $410M) – Medical imaging device and software developer. Backed by China Everbright Group AG, Goldman Sachs, Hony Capital.
Butterfly Network (2011, Guilford, $100M) – Medical imaging devices using a combination of deep learning and an ultrasonic device. Backed by Aeris Capital.

Oncology
Impedimed (1999, Carlsbad, $106M) – Bioimpedance Spectroscopy technologies. Backed by Versant Venture Management, Starfish Ventures.
Veran Medical (2005, St.Louis, $83M) – Soft tissue navigation for diagnosis of lung cancer. Backed by Prolog Ventures, Versant Ventures, River Cities Capital Funds, Advantage Capital Partners, Rex Health Ventures, 3G Capital Partners and Vectis.

Infectious Disease
Accelerate Diagnostics (2004, Tucson, IPO) – In vitro diagnostics to provide solutions for the antibiotic resistant infections. Went public in 2013.
Curetis (2007, Holzgerlingen, $85M) – Molecular diagnostics POC device for infectious diseases. Backed by Forbion, KfW Bankengruppe, HBM Partners, BioMedPartners, CD-Venture GmbH, Roche, Qiagen, Life Sciences Partners, Aeris Capital.

MONITORING Diabetes
OptiScan Biomedical (1994, Hayward, $156M) – Glucose monitoring systems for ICUs/CCUs. Backed by yet2Ventures, Mitsui, Medven, Lightstone Ventures, Oakwood Medical, Ascension Ventures, NGN Capital, Signet Healthcare Partners, Mitsui, Hercules Technology Growth Capital, Prism Venture, EGS Healthcare Capital Partners, Morgenthaler.
Senseonics (1996, Germantown, $124M) – Implantable system for continuous glucose monitoring. Backed by NEA, HealthCare Ventures, Rho Capital Partners, Anthem Capital Management, Delphi Ventures and Greenspring Associates.

Cardiovascular
CardioMEMS (2001, Atlanta, $153M, Acq.) – Wireless sensor-based implants for cardiac monitoring. Acquired by St. Jude Medical in 2014.
iRhythm Technologies (2006, SF, $95M) – Cardiac rhythm monitoring devices. Backed by Mohr Davidow Ventures, Synergy Life Science Partner, Novo A/S, Norwest Venture Partners, California HealthCare Foundation, Stanford University, Kaiser Permanente Ventures, New Leaf Venture Partners and New Leaf Ventures.

Vital Signs
EarlySense (2004, Ramat Gan, $85M) – Contact free patient monitoring solution. Backed by Noaber, Bridge Investment Fund, Samsung Venture Investment Corporation, Docor, ProSeed, Pitango VC, Israel, Mitsui & Co, JK&B Capital, Bank Hapoalim, Welch Allyn, Challenge.
Sotera Wireless (2004, San Diego, $68M) – In hospital patient monitoring device. Backed by Sanderling Ventures, Qualcomm Ventures, Intel Capital, EDB Investments, Safeguard, Delphi Ventures, Cerner Capital, West Health and Sanderling.

CLINICAL EQUIPMENT
TransMedics (1998, Andover, $264M) – Organ transplantation technology. Backed by Tudor Funds, Abrams Capital, Flagship Ventures, Kleiner Perkins, Foundation Capital, Sagamore, Hercules Technology Growth Capital, Alta Partners, Sherbrooke Capital, VantagePoint Capital Partners and i Group plc.
Caesarea Medical Electronics (1993, Caesarea, $100M) – Infusion and syringe pump systems and accessories. Backed by CareFusion.

SUPPORT SYSTEMS
Ekso Bionics (2005, Richmond, IPO) – Bionic exoskeleton for people with paralysis. Went public in 2014.
BionX Medical (2007, Bedford, $75M) – Prosthetic device to aid movement of lower-limb amputees. Backed by Sigma Partners, General Catalyst, WFD Ventures and Gilde Healthcare.

Leaderboard includes all the top funded, IPO and successfully running bootstrapped companies along with their location, founding year and funding amount.

For latest updates, visit the Medical Devices feed.