Medtech Startups: Ark Surgical, Heru, Allotrope Medical, & more

Posted by Life Science Intelligence on Jun 9, 2021 9:38:25 AM
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LSI's Medtech Startup Tracker is focused exclusively on covering the privately-held innovators changing the medical device landscape.

This week in medtech deals an estimated over $96.2 million in funding was raised across 9 deals, in addition to a number of other undisclosed deals that were announced. Here are some of the top deals tracked:

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Top Deals – Medtech Fundraising Transactions for the Week

Company

Type

Amount Raised

Round

Standard Bariatrics

Weight loss surgery medical devices

$35,000,000

Series B

Heru

AI-vision diagnostic software

$30,000,000

Series A

FineHeart

Implantable cardiac output management system

$18,300,000

Series B

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:

 

Ark Surgical – a laparoscopic containment device for safe removal of large organs

Ark Surgical is commercializing LapBox, a containment system that can be introduced through a laparoscopic incision. Once inserted, the LapBox is deployed to create a space that surgeons can morcellate large organs without damaging adjacent tissues. The company raised $2.1M from a Seed round in June 2021. Ark Surgical will use the funding to submit for FDA regulatory and marketing clearance.

LSI Medtech Startup Tracker Includes: Ark Surgical, Heru, Allotrope Medical, Standard Bariatrics, Docbot, & Miromatrix Medical

Heru raises $30M for AI-based vision diagnostic software

The company’s software platform is being developed for use with commercial AR/VR headsets to enable to the diagnosis of a wide range of diseases without the need for large capital equipment or dedicated examination rooms. Heru’s platform is currently compatible with Microsoft and Magic Leap AR/VR devices. Diagnosis of vision defects and other ocular diseases currently require the use of expensive capital equipment from strategics such as Carl Zeiss, Nidek, and Topcon

Allotrope Medical – a handheld device for smooth muscle stimulation

Allotrope develops and commercializes Stimsite, a handheld device for use during surgery to identify the ureter in procedures where ureter identification is key to the procedure. Identifying the ureter is essential in many pelvic operations, including colon resections and hysterectomies. The FDA-cleared device is compatible with existing laparoscopic instruments and robotic platforms. Recently Allotrope raised $4M from a Series A round in June 2021.

Standard Bariatrics raises $35M from Series B round

The investment from this funding round will be used to scale commercialization efforts for the company’s laparoscopic solutions for bariatric surgery. Standard Bariatrics develops minimally invasive devices for gastric sleeve procedures. In May 2021, the company received FDA clearance for its Titan SGS stapling system for bariatric sleeve surgery. To date Standard Bariatrics has raised $56.2M in capital.

Docbot is developing an image analysis platform for identifying GI diseases

Docbot’s UltivisionAI platform utilizes artificial intelligence and real-time computer vision to assist in the identification of upper and lower gastrointestinal diseases. The company is developing proprietary learning algorithms for the platform for Barrett’s esophagus, colon cancer, esophageal cancer, stomach cancer, and inflammatory bowel disease. In May 2021, the company raised $4M in funding from a Series A round. The addition of AI to improve medical image analysis has lead to the formation of several successful startups, including Arterys, Viz.ai, and Zebra Medical Vision

Miromatrix Medical – creating solutions to address the organ transplant waiting list

Spun out from the University of Minnesota, Miromatrix develops proprietary biomaterials for the growth of new tissues and functional organs. The company’s first products, MIROMESH and MIRODERM utilized the company’s proprietary perfusion decellularization and recellularization technologies for soft tissue reinforcement and wound care. Miromatrix is currently engaged in developing whole-organ solutions for kidney and liver transplant patients. The company recently received a strategic investment and partnership with CareDx.

Learn about the hottest venture funded startups developing innovative medical technologies using Life Science Intelligence’s Medtech Startup Tracker.

Topics: Insider, Startup, Strategics, Medtech, Medtech Innovation Weekly Update

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Life Science Intelligence (LSI) helps medtech executives make better strategic decisions by delivering unique market data and business insights. For over 13 years LSI has been working with industry giants – Johnson & Johnson, Medtronic, Abbott, Stryker, Cardinal, Boston Scientific, and Becton Dickinson, among others. LSI products are also leveraged by the most successful start-ups, innovators, investors, and service companies that compete in medtech. LSI is the organizer of The Emerging Medtech Summit held annually in Southern California.

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