For the last week in medtech, deals approximately $106.7M in funding was raised across 8 deals, in addition to other undisclosed deals that were announced. Overall, estimated total funding for the month of October has been slightly higher when compared to the previous month. LSI estimates that approximately $589M was raised in the four weeks of October, compared to $567M for the four weeks of September. Deals that were announced outside of the scope of LSI’s weekly coverage (i.e., events announced late) were not factored into this comparison.
Below are some of the top deals tracked over the past week:
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Top Deals – Medtech Fundraising Transactions for the Week
|
Company |
Type |
Amount Raised |
Round |
|
Ultraviolet device for chronic skin diseases |
$43,000,000 |
Series B |
|
|
Fluorescent probes for cancer visualization during surgery |
$18,400,000 |
Series B |
|
|
Patient data management solution |
$15,000,000 |
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:
Zerigo Health closes $43M Series B round
According to the company, the funding will support the commercialization of its solution for treating chronic skin conditions. The FDA-cleared Zerigo Health Solution is a home phototherapy system that uses narrowband Ultraviolet B (NB-UVB) light to treat chronic skin conditions, such as psoriasis and vitiligo. The handheld device is controlled by a smartphone application to deliver precise doses of UVB light directly to affected areas of the skin.
Altoida – a digital diagnostic for neurodegenerative diseases
Altoida is building a precision neurology platform to transform how neurodegenerative diseases are assessed and monitored. The company’s FDA-cleared platform analyzes over 800 digital biomarkers through a combined assessment using augmented reality and a digital assessment (i.e., patient questionnaire). Patient data is analyzed using a proprietary artificial intelligence algorithm that assess brain health and predicts disease development. The company has raised a total of $10.7M in funding.
Altoida will be presenting at LSI’s Emerging Medtech Summit in March 2022.
Contraline raises $10.7M in Series A funding
The investment will allow Contraline to begin first-in-human clinical trials for its ADAM contraceptive solution for men. ADAM is an injectable hydrogel that is injected during an outpatient procedure to block the flow of sperm. The product has a set lifespan, which makes the solution reversible. ADAM is intended to be a new, safer, and more effective contraceptive solution when compared to current options. With the closing of this latest funding round, Contraline has raised an estimated $24.4M in total funding.
Loop Medical – an accessible solution for blood collection
Loop Medical is developing a pain-free solution for the collection of blood. The device can be deployed in a healthcare or home setting, simplifying the process of collecting blood samples. Loop Medical’s patch-like device uses microneedles to access the blood in capillaries just below the skin and stores the blood samples in proprietary cartridges. The cartridges are fully compatible with standard diagnostic laboratory processing. The company recently raised $6.4M from a Series A round led by Casdin Capital and SARSTEDT. The investment will help support Loop Medical’s access to the US market.
OncoNano Medicine completes $18.4M Series B round
OncoNano is developing imaging and therapeutic products based on the company’s proprietary pH-sensitive polymeric micelle technology. The versatile use of this technology allows for the delivery of payloads to tumor microenvironments that limits toxicity to normal tissues. OncoNano’s pipeline consists of two platforms – ON-BOARD and OMNI. Of these two platforms, ON-BOARD is being evaluated as a real-time surgical imaging solutions that fluoresces cancer cells during image-guided surgery for margin assessment. This recent investment will support Phase 3 clinical trials for the company’s ON-BOARD margin assessment solution, as well as fund the development of its therapeutic line of products.
Rapid Nexus is developing a next-generation wound healing system
Amputations are attributed with a high risk of post-amputation mortality. Rapid Nexus is developing a wound healing system that harnesses photonics (the application of light), called Gen-ray, to grow new tissue over slow or non-healing open wounds. In addition to the utilization of photonics, Rapid Nexus’ Hemastyl R is a proprietary wound healing substate that stimulates tissue growth. Key strategics in the advanced wound healing solutions market include 3M, B. Braun, and Smith & Nephew.
Rapid Nexus will be presenting at LSI’s Emerging Medtech Summit in March 2022.
Learn about the hottest venture funded startups developing innovative medical technologies using Life Science Intelligence’s Medtech Startup Tracker.
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