The LSI Alumni 2024 Funding Report is now updated with all deals from Q3. In Q3 of 2024, LSI Alumni raised nearly $900 million across 57 deals. Our quarterly Alumni Funding Report features transactions made by these medical device startups and their investors, as well as links to our proprietary media and coverage of the companies.
Companies featured in the Q3 2024 update include:
Parent company 4D Medicine Ltd raised a £3.4M investment deal led by Oshen Holdings. The funds will help the company complete preclinical testing of its first product range and pursue FDA clearance to enter the U.S. market.
Raised $4.2M in a Seed funding round. AccuLine is developing CORA, an accurate, non-invasive, and cost-effective exam for early detection of CAD.
Entered several agreements with Edwards Lifesciences relating to structural heart products. Under the terms of the agreements, the company will receive $16.3M upfront as a cash payment.
Raised £5M in a funding round led by Mercia Ventures. The funds will enable the company to drive U.S. sales of its surgical smoke management technology and pursue regulatory approvals in Europe and Japan.
“We attended an LSI event for the first time in 2023 as part of our fund-raising efforts. The meeting provided a great forum and a fantastic blend of technology companies seeking to grow, strategics looking for deals, and investors with an appetite and dry powder to invest. We were fortunate to meet with Mercia Ventures at LSI and, within six months, had closed the round. I would recommend it strongly to anyone looking to cost-effectively grow their network in this space.” -Dominic Griffiths, CEO of Alesi Surgical
Received a $7.45M sole-source, non-dilutive small business innovation research (SBIR) Phase III contract from the U.S. Air Force. The funds will be used to accelerate the commercialization of its precision hemorrhage control technology, SCureTO™, for combat casualty care trauma.
Secured a $73M investment from the Governments of Canada and British Columbia. The investment will support a $200M project to expand its clinical biomanufacturing capabilities and therapeutics pipeline.
Received a $1.1M grant funded by the Maryland Community Health Resources Commission. The grant will enable the company to support students, families, and caregivers within Howard County Public Schools.
Secured a two-year $485K Phase I SBIR grant from the NIH. The funds will support the continued development of a novel paddle-type epidural stimulation lead that is ten times thinner than commercially available products.
Secured $12.2M in a Series A funding round following its recent FDA clearance for its MFM-Pro device. The funds will support commercial expansion and the development and FDA clearance of a second proprietary device.
Closed $4.5M in a Series A2 funding round led by Morningside Ventures. The funds will support the U.S. pivotal trial of its Breast Cancer Locator (BCL™) System and a limited commercial launch in select European markets.
Secured $180M in a Series C extension and growth debt expansion round. The funds will help scale the adoption of its surgical software tools and continue developing its AI and edge-to-cloud applications.
Received $20M in equity and venture debt financing, marking a significant milestone for the company following the completion of over 10,000 Catalyst total shoulder arthroplasty procedures.
Received a $5.4M Congressionally Directed Medical Research Programs (CDMRP) grant. The grant will fund studies at Cerulean Scientific and Virginia Commonwealth University to advance its technology to FDA 510(k) clearance.
Raised €44M in a Series B funding round co-led by LSI Alumni investors Broadview Ventures and Panakès Partners. The funds will help the company advance its diagnostic and drug delivery platform for microvascular obstruction in heart attack patients.
“I personally, and CorFlow, owe a debt of gratitude to LSI on the path to get us to our monumental financing round. I was introduced to our first lead investor at LSI Europe, which was a rare opportunity given he represented a prominent US VC firm – the concentrated connection environment LSI provided there made it possible.
At LSI USA, I met with others who eventually joined our syndicate. I also met fellow CEOs who gave sage advice on stage and over dinners, and we are now friends; I can credit a chance encounter in the lobby at the USA event for meeting a lead at the search firm who now helped us make our first U.S. hires post-close.
Thank you to LSI for the role you play in the ecosystem here with startups, strategics, investors, and service providers – I will be back and recommend this to others in my shoes.” -Paul Mead, CEO of CorFlow Therapeutics
Raised a Series B funding round led by MedTech & Cirrus Syndicates with proceeds totaling $16M. The funds will support the company’s TANDEM II early feasibility study, an FDA-approved trial of its Duo Tricuspid Coaptation Valve System.
Secured $16M in funding led by BOLD Capital Partners, Supernova Invest, and Sanara Capital. The funds will cover its first-in-human clinical study in Canada and Italy and accelerate the company’s growth.
Raised a $10M Series A funding round led by LSI Alumni investor Sofinnova Partners. The funds will be used to accelerate the clinical validation of its Aortoseal™ fixation and sealing device.
Entered into an agreement with Artivion for additional loans totaling $25M. The loan will help the company accelerate toward FDA approval for its Nexus Aortic Arch Stent Graft System.
Closed a $5.8M Seed funding round. eXeX is an AI and mixed reality software company developing a platform that enables surgical teams to onboard staff and complete surgical procedures with enhanced accuracy and efficiency.
Was acquired by Materialise, a global leader in 3D printing software and services. The acquisition will enable Materialise to grow its cardiovascular solutions with predictive simulation capabilities.
Received a $35M venture loan facility from Horizon Technology Finance Corporation. The loan proceeds will be used to execute strategic commercial and clinical expansion plans for GammaTileⓇ.
Was selected by HeartX to participate in the 2024 accelerator program aimed at assisting startups in bringing new cardiovascular technology to market. Haermonics is developing a solution to flush the pericardial cavity after open-heart surgery.
Raised €5.7M in the first close of its Series A funding round. The funds will enable HEPTA to initiate the U.S. regulatory approval process for its microwave ablation platform and commence clinical trials.
Received $4.2M in additional funding round. Hexoskin is an AI and digital health company developing wearables and algorithms for health monitoring and diagnostics.
Announced the full exercise of its Series H warrant tranche for gross proceeds of $17.9M. The company plans to use the funds to advance its CGuard Prime Carotid Stent System through to FDA approval and U.S. launch in 2025.
Closed an oversubscribed Seed round of $1.2M led by NuFund Venture Group. The company is developing a non-invasive device to capture the noises generated by the knee and assess cartilage damage in the knee.
Received the National Science Foundation (NSF) SBIR grant. The funds will help accelerate the development of its proprietary aneurysmal sac sealing technology to potentially eliminate endoleaks.
Raised a ₩20B ($14.5M) Series B funding round led by LB Investment. The funds will be used to expand its medical robot pipeline with FDA approval and diversify its products to include cerebrovascular and peripheral vascular interventional robots, pain intervention robots, and rehabilitation robots.
Received a Phase I NIH SBIR contract with funds totaling approximately $400K. The grant will support the development of its novel endoscopic imaging platform that combines far-red fluorescence and reflected light imaging to detect esophageal cancer.
Closed a $105M funding round led by Novo Holdings. The funds will help the company advance its U.S. clinical programs in multiple mechanical circulatory support indications and secure FDA approval for its Elevate™ System in patients undergoing high-risk percutaneous coronary interventions.
Exited stealth mode by announcing a $4M contract with the Department of Defense. The company’s product, MAUI K3900 Imaging System, is a portable device that uses sound waves to penetrate body tissues, providing imaging for all tissue types.
Raised $2.5M as it pursues a new type of artificial artery for bypass surgery. The company is developing MAVERICS, a small, flexible, nitinol-encased tube designed to replace blood vessel harvesting in heart bypass surgeries.
Secured a strategic investment from Arbevel with support from IRDI Capital Investissement and GSO Innovation. The new investment will allow the company to scale its U.S. operations, support its R&D capabilities, and develop new strategic partnerships.
Announced two milestones: the close of $10.75M in Series A funding and the launch of an IDE trial. The Absorbable Antibacterial Soft Tissue Support in Breast Reconstruction with Infectious Outcomes (ARIA) clinical trial evaluates the safety and efficacy of the Melody Matrix™.
Received $73M in a Series B funding round led by Threshold Ventures. The funds will be used to support the company’s efforts to expand the integration of robotics and AI into mainstream medical procedures.
Announced its acquisition by Stryker. MOLLI Surgical is a privately held company developing MOLLIⓇ, a wire-free solution for soft tissue localization for breast-conserving surgery.
Raised $7M in a Series C funding round. Proceeds will be used to expand its U.S. commercial organization, expand its Hive™ portfolio of Soft TitaniumⓇ spinal interbody fusion devices, enter select international markets, and expand strategic partnerships.
Received a strategic investment from Springhood Ventures to accelerate its solutions that aim to improve newborn outcomes. NeoPrediX is a predictive analytics company developing proprietary algorithms to forecast risks of neonatal, maternal, and perinatal health conditions.
Received a new investment from Zynext Ventures. Neuro42 is developing portable MRI and robotic intervention technologies to bring advanced neuroimaging to the patient’s bedside.
Closed a $23M Series D funding round led by Vertex Ventures HC and Treo Ventures. The funds will support the company through the expected FDA premarket approval of the Neuspera System for urinary urge incontinence due to overactive bladder.
Secured a $5M equity investment from the Bill & Melinda Gates Foundation. Noze intends to use the funds to continue developing its scent-based, AI-powered disease-detection platform for deployment in low- and middle-income countries.
Received blended financing, which includes a €2.5M grant and additional equity investment from the European Innovation Council (EIC) Horizon Accelerator program. The company will use the funds to advance the development of its second product, which is currently in pre-clinical trials.
Announced the final closing of its Series A extension round, securing an additional $3M in oversubscribed funding, bringing the total funding to $9M. The funds will be used to accelerate product development and advance its clinical and regulatory plans.
“When we started raising in February, I cold-emailed Sean Churchill at cultivate(MD) and told him I'd be at LSI in March. We met for the first time at the LSI event, and less than six weeks later, he and his team joined our Series A extension round. That in-person meeting at LSI was key to making this happen.” -Joanna Nathan, CEO and Co-Founder of Prana Thoracic
Received €20M in venture debt financing from the European Investment Bank (EIB). The funds will support clinical trials, R&D, and market access for its ProtEmboⓇ cerebral embolic protection system.
Raised $300K in a seed funding round. The company is developing a streamlined, percutaneous, carotid access and closure solution for treating carotid obstructions and strokes.
Received £343,000 from Innovate UK's Cancer Therapeutics program. The funds will be used to adapt its existing Electric Field Therapy (EFT) to develop a fully implantable EFT device specifically designed to treat childhood brain cancers.
Announced two milestones: a $2.4M NIH grant to conduct a first-in-human clinical trial for its regenerative bone adhesive for cranial flap fixation and enrollment of the first five patients.
Closed a $14M Series B funding round led by Relyens Innovation Santé. The funds will advance the development and commercialization of the Histolog™ Scanner and extend its market presence in Europe and the United States.
Secured a $500K SBIR Phase IIb grant from the National Science Foundation. The funds will support the development of Sylvee, a wearable patch designed to capture sounds that detect and measure trapped air in the lungs.
Secured a $2M contract with the U.S. Department of Defense. Sense Neruo is developing non-invasive brain scanners designed for faster detection, triage, and continuous brain injury monitoring.
Received a $2M grant from the National Institute of Diabetes and Digestive and Kidney Diseases. The grant will fund a clinical trial and support regulatory clearance efforts for EchoGuide, its newest technology aimed at improving cannulation for dialysis patients.
Raised $50M in a Series B funding round. The funds will facilitate commercial expansion and product additions to its 510(k)-cleared HyperVue™ Imaging System.
Secured a new seed funding round. The company is developing a minimally invasive transcatheter device that replicates the repair concept of the Clover open-heart technique to treat tricuspid valve regurgitation.
Received a grant from the Defense Health Agency. The funds will support the co-development and manufacturing of an advanced SurgiBubble™, a portable surgical environment that isolates the surgical site with a physical barrier from the environment.
Was acquired by Bausch + Lomb Corporation. This tuck-in acquisition will help expand Bausch + Lomb’s presence in the United States and bolster its leading position in dry eye.
Was awarded a Seed grant from the Consortium for Technology & Innovation in Pediatrics (CTIP). The company developed VP.S ENCOREⓇ, a hypothermic machine perfusion device for prolonged cardiac graft preservation.
Closed a seed funding round. Vonova is an early-stage company developing a breakthrough endovascular platform to enable clinicians to assess brain structure without the risk and discomfort of drilling through the skull.
Raised $5M in a Series AA funding round led by Botong Medical. The company’s technology leverages the piezoelectric effect to generate ultrasonic energy, potentially providing a safer, more efficient alternative to standard fibrinolytic therapy for treating occlusive vascular diseases.
Raised a €25M funding round, comprised of equity investment and a venture debt loan from the EIB. The funds will be used to complete the development, certification, and test in a first-in-human study of its HeronⓇ lead.
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 USA '25 in Dana Point next March, these achievements remind us of the incredible progress being made in the medtech sector.
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