The LSI Alumni 2024 Funding Report is now updated with all deals from Q2. In Q2 of 2024, over $700 million was raised by LSI Alumni across 37+ deals. Our quarterly Alumni Funding Update features transactions made by these medical device startups, their investors, and links to our proprietary media and coverage of the companies themselves.
Companies featured in the Q2 2024 update include:
Adialante
Adialante was awarded a grant from The University of Minnesota Office of Discovery & Translation. This grant will be used to develop their highly affordable and effective MRI scanners.
Amber Therapeutics
Amber Therapeutics, raised a $100 Million Series A financing round led by New Enterprise Associates (NEA) as part of a syndicate of new investors F-Prime Capital, Lightstone Ventures, and Intuitive Ventures, alongside existing investors Oxford Science Enterprises and 8VC.
ARC Medical
Arc Medical, raised a $575K funding round from 3 undisclosed investors. The company is committed to medical device development to improve the quality of life for people who have undergone surgery. Through safer and more effective fluid devices, they aim to prevent the formation of surgical adhesions.
AtaCor Medical
AtaCor Medical raised a $28 Million Series C financing round led by Arboretum Ventures alongside additional investors Longview Ventures, Hatteras Venture Partners, Catalyst Health Ventures and BayMed Venture Partners. AtaCor Medical is transforming cardiac rhythm management by developing novel extravascular leads designed to eliminate the risks, costs, and drawbacks of traditional methods.
Atraverse Medical
Atraverse Medical raised a $12.5 Million Seed funding round and received FDA clearance for its HOTWIRE™ radiofrequency (RF) guidewire. The proprietary HOTWIRE™ system, featuring universal sheath compatibility and optimized RF technology, aims to enhance outcomes and streamline workflows for physicians treating cardiovascular disease in millions of patients worldwide.
Axena Health
Axena Health raised a $9.4 Million Series A funding round led by Cross-Border Impact Ventures (CBIV), AXA IM Alts, KOFA Healthcare, and Avestria Ventures. Axena Health is a women-led company dedicated to improving the lives of women with pelvic floor disorders and is unapologetically focused on helping them live their best lives by harnessing the power of digital technology.
Backpack Healthcare
Backpack Healthcare raised a $14 Million Series A funding round led by PACE Healthcare Capital alongside additional investors ECMC, Techstars, Collab Capital, Bridge Builders Collaborative, Portland Seed Fund, Hopelab, Rethink Education, Genius Guild, and Unlikely Collaborators.
Binx Health
Binx Health raised a $65 Million Series F funding round led by Hildred Capital alongside additional investor EQT Life Science Partner. This round will be used to drive the growth of point-of-care testing.
Biolinq
Biolinq raised a $58 Million funding round led by Alpha Wave Ventures alongside additional investors Niterra, Pegasus Tech Ventures, RiverVest Venture Partners, AXA IM Alts, Global Health Investment Corporation, Aphelion Capital, Senvest Management, Features Capital and Taisho Pharmaceutical. This round will be used to advance wearable biosensors through a pivotal trial for metabolic health using precision microsensors.
CereVasc
CereVasc raised a $70 Million Series B funding round led by Bain Capital Life Sciences and Perceptive Xontogeny Venture Fund alongside other existing investors. CereVasc, Inc. is developing the eShunt™ System for the treatment of patients with communicating hydrocephalus, one of the most common neurological conditions affecting both children and adults.
Elucent Medical
Elucent Medical raised a $42.5 Million Series C funding round Vensana Capital and RC Capital alongside existing investors. Elucent’s flagship technologies, EnVisio® and SmartClip®, offer precision In-Site Spatial Intelligence during oncologic procedures.
HidraMed Solutions
HidraMed Solutions raised a $556.3K crowdfunding round. The company is developing advanced wound dressings for the every day care of chronic wounds.
iCHOR Vascular
ICHOR Vascular has successfully closed its $6M Series A equity round, led by Queen City Angels and syndicated by a group of investors including NuFund Venture Group, Gopher Angels, Florida Community Health Network (FCHN), IrishAngels, Sand Hill Angels, Central Texas Angel Network, and Angel Star Ventures, LLC. The company is aiming to revolutionize peripheral clot removal with its innovative solution for Peripheral Artery Disease (PAD) and Deep Vein Thrombosis (DVT), which may eliminate the need for traditional drug therapies and surgeries.
inHEART
inHEART raised a $11 Million funding round led by Vesalius Biocapital IV and Elaia Partners alongside additional investors NACO, Sagana, Sofia Angel Ventures, CWR Funds, Webit Investment Network, Tudigo and Astorg Foundation. inHEART is committed to delivering the world’s most sophisticated, AI-enabled, digital twin of the heart to advance the care of patients living with cardiac disease.
Juniper Biomedical
Juniper Biomedical raised a $2 Million Oversubscribed Seed funding round led by Auroral Holdings alongside additional investors Atma Capital, Hub Angels and Beacon Angels. Additionally, they were awarded $1 Million from the NIH SPARC Neuromod prize. Juniper Biomedical (formerly known as RBI Medical) is developing dramatically better therapies for the millions of women and men who suffer in silence with pelvic health conditions, like urinary incontinence, bowel incontinence, pelvic pain, sexual dysfunction and pelvic floor disorders.
Lazzaro Medical
Lazzaro Medical was awarded a $2.4 Million NIH SBIR Phase II grant. Lazzaro Medical is on a mission to restore healthy breathing in millions of people suffering from tracheal and bronchial maladies by creating a transformative platform of life-changing, minimally-invasive, robotic procedures, devices, and diagnostics.
Liberate Medical
Liberate Medical was awarded a $6.5 Million grant from the US DoD. This grant will be used to start their PREVENT trial which is a clinical trial examining the VentFree Respiratory Muscle Stimulator.
Linshom Medical
Linshom Medical was awarded a $100K grant from the Maryland Industrial Partnerships (MIPS) program. This grant will be used to support a clinical study of its respiratory monitoring device. Liberate Medical is a medical device company that develops neuromuscular electrical stimulation technology to improve the quality and reduce the cost of care for patients with pulmonary disorders.
Locate Bio
Locate Bio raised a $11.5 Million funding round led by Mercia Ventures and BGF. This round will fund a clinical study of LDGraft, a bone graft substitute for spinal fusion. Locate Bio is building a world leading, diversified orthobiologics company that is focused on providing surgeons with a choice of best-in-class products.
Materna Medical
Materna Medical raised a $20 Million Series B funding round led by InnovaHealth Partners alongside additional investors Wavemaker Three-Sixty Health, Kimera Limited, Women’s Venture Capital Fund, Golden Seeds, Band of Angels and Houston Angel Network. Materna’s first product, Milli, is a vaginal and pelvic floor dilator with adjustable, incremental sizing for women who are trying to achieve intimate health.
May Health
May Health raised a $25 Million Series B funding round led by Bpifrance and Trill Impact alongside additional investors Sofinnova Partners, Avestria Ventures and Kidron Capital Assets LP. May Health ius developing a modern approach to the treatment of PCOS with its investigational Ovarian Rebalancing Treatment.
MIMOSA Diagnostics
MIMOSA Diagnostics raised an undisclosed amount in a funding round led by Kern Venture Group, Kindling Investment Partners, Spring Impact Capital, Raspberry Investments Corporation, Mimosa Partners, Archerwill Investments and XDL Group. MIMOSA provides a proactive approach to skin health, allowing clinicians to implement earlier interventions, or even prevent them from being needed at all.
Nanochon
Nanochon raised a $4 Million Seed Prime funding round led by the University of Virginia Licensing and Ventures Group alongside additional investors Cultivate (MD), Alumni Venture Group and Mountain State Capital. Nanochon, is developing an implant designed to not only replace lost and damaged cartilage, but also to encourage new tissue growth.
Neuro42
Neuro42 raised an undisclosed amount from Angel Investor Karna D. Shinde. neuro42 is developing and commercializing advanced MRI technology for diagnosis and image-guided interventions of neurological diseases and conditions.
NovaResp Technologies
NovaResp Technologies raised a $3 Million Seed Extension round led by Dr. Neil Smith alongside additional investors Raj Sodhi, Invest nova Scotia and Concrete Ventures. NovaResp’s cMAP™ is a platform software that uses artificial intelligence and machine learning during PAP therapy to predict and prevent episodes of apnea before they occur.
Omniscient Neurotechnology
Omniscient Neurotechnology raised an undisclosed amount in a Series C funding round led by undisclosed investors. The company is creating enterprise grade clinical and research solutions applicable to a variety of brain-related disorders, including depression, chronic pain, cancer, bi-polar disorder, Alzheimer’s, dementia, and PTSD, with the goal of bringing predictive analytics to the world faster
Orixha
Orixha raised a $4.25 Million funding round led by the European Innovation Council and Bpifrance. Orixha is developing the Vent2Cool medical device to almost immediately protect the vital organs, in particular the brain and heart, of patients resuscitated after cardiac arrest and thus significantly reduce mortality and morbidity.
Osteal Therapeutics
Osteal Therapeutics raised a $50 Million Series D funding round led by Zimmer Biomet alongside additional investors Johnson & Johnson Innovation, Gideon Strategic Partners and HM Capital. Osteal THerapeutics is developing novel musculoskeletal therapeutics to treat orthopedic infections and their consequences.
Oxford Endovascular
Oxford Endovascular raised a $10.17 Million Series A funding round led by Parkwalk Advisors alongside additional investors Norcliffe Capital, Oxford Science Enterprises (OSE), Vulpes Investment Management and University of Oxford. The companies OxiFlow™️ is a novel, next generation flow-diverter, laser-cut from nitinol that diverts blood flow away from intracranial aneurysms at risk of rupture.
restor3d
restor3d raised a $55 Million Series A funding round led by Summers Value Partners alongside additional private investors and existing investors. They also raised an additional $15 Million in debt financing led by Trinity Capital. restor3d enables surgeons to improve the reconstruction and repair of the human body through 3D printed implants with enhanced anatomical fit and superior integrative properties.
Ronovo Surgical
Ronovo Surgical raised a $44 Million Series B financing round led by Wuxi Guolian Group and Ince Capital alongside additional investors King Star Med LP, LongRiver Investments. The company’s Carina robot provides support in laparoscopic surgeries in areas including urology, gynecology and general surgery.
Swiftsure Innovations
Swiftsure Innovations received $149K through Provincial Government’s Research and Development Funding. The company’s SwishKit was invented by a critical care nurse after experiencing frustration with the lack of effective tools to perform oral care.
VenoStent
VenoStent raised a $4 Million Series A funding round from Norwest Venture Partners, Good Growth Capital, IAG Capital Partners. Additionally they were awarded a $3.6 Million NIH SBIR grant. VenoStent is a clinical stage medical device and tissue engineering company developing bioabsorbable wraps to transform outcomes in vascular surgery.
Vitestro
Vitestro raised a $22 Million Series B funding round led by Sonder Capital, NYBC Ventures alongside additional investors Invest-NL and the European Innovation Council. Vitestro’s device combines AI-based, ultrasound-guided imaging with robotic needle insertion, ensuring accurate and secure blood collection. The procedure is performed fully automatically, from tourniquet to bandage application.
More News
Stay tuned for more updates as these medical technology companies continue to innovate and lead the way in the medtech industry. As we look forward to LSI Europe ’24 in Portugal this September, these achievements remind us of the incredible progress being made in the medtech sector.
Information is taken from the Life Science Market Research website