August was another impressive month of funding for the LSI Alumni, raising over $246 million in new capital across 17 new deals. Our monthly Alumni Funding Update features transactions made by these medical device startups and their investors, as well as links to our proprietary media and coverage of the companies themselves.
Companies featured in the August 2024 update include:
Secured a $1.1M grant for school-based support funded by the Maryland Community Health Resources Commission. The grant will enable the company to provide crucial support to students, families, and caregivers within Howard County Public Schools.
Closed $4.5M in a Series A2 funding led by Morningside Ventures. The company will utilize the funds to complete the pivotal trial of its Breast Cancer Locator™ System. The device is a proprietary patient-specific 3D-printed surgical guide that aims to reduce positive margins during breast cancer removal.
Raised $180M in a Series C extension and growth debt expansion round. The funds will be used to scale the adoption of its surgical software tools and continue the development of its AI and edge-to-cloud applications.
Closed a $16M Series B funding round led by MedTech & Irrus Syndicates. The company will use the financing to fund its TANDEM II early feasibility study for its DUO Tricuspid Coaptation Valve system, a minimally invasive solution for severe tricuspid regurgitation.
Raised a $5.6M seed funding round to accelerate the development of its platform and support its upcoming commercial launch. The platform enables surgical teams to onboard staff and perform surgical procedures with enhanced accuracy and efficiency.
Announced an additional $4.2M capital raise to support growth, digital biomarker research, and new AI-based digital diagnostic solutions. The company develops smart clothing with embedded textile sensors for continuous monitoring of vitals and activities.
Surfaced from “stealth mode” and announced a $4M contract with the Department of Defense. The company’s product, MAUI K3900 Imaging System, is a portable imaging system for all tissue types that utilizes sound waves to cross through body barriers.
Raised $2.5M as it pursues a new type of artificial artery for bypass surgery. The company is developing an artificial graft, MAVERICS, that is a small, flexible tube encased in a nitinol scaffold to replace the need for blood vessel harvesting in heart bypass surgery patients.
Announced two milestones: the closing of a $10.75M Series A funding round and the first enrollment in an IDE trial intended to improve clinical outcomes for women undergoing breast reconstruction after surgery. The funds will be used to support the company’s clinical activities and additional product development.
They raised $7M in a Series C funding round to capitalize on its rapid growth and prioritize company-building to profitability. The company develops bioactive 3D-printed solutions to address the challenges of spinal fusion.
Secured a new investment from Zynext Ventures. The company is developing and commercializing advanced MRI technology for diagnosis and image-guided interventions of neurological conditions and diseases.
Received a $5M equity investment from the Bill & Melinda Gates Foundation. The funds will be used to continue developing its scent-based, AI-powered disease-detection platform for deployment in low- and middle-income countries.
Secured a $1.1M grant from the Christopher & Dana Reeve Foundation to expand its ongoing brain-computer interface (BCI) study. The early clinical feasibility study evaluates the use of its ARC-BCI implant to restore thought-driven use of the arms and hands after spinal cord injury.
Announced the close of its Series A extension round, raising an additional $3M in an oversubscribed funding round and bringing the total funding to $9M. The funds will help the company accelerate product development and support its clinical and regulatory plans.
Received £343,000 from Innovate UK's Cancer Therapeutics program. The company plans to use the funds to adapt its existing Electric Field Therapy (EFT) to create the world’s first fully implantable EFT device designed to treat childhood brain cancers.
Received a $500K SBIR Phase IIb grant from the National Science Foundation, bringing its total funding to $4.9M. The company has developed a patented “acoustic resonance” technology that detects air trapping, an earlier and more sensitive marker of lung dysfunction.
Received a Seed grant from the Consortium for Technology & Innovation in Pediatrics. The company’s flagship product, VP.S ENCOREⓇ, is a hypothermic machine perfusion device for prolonged cardiac graft preservation.
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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