Medtech Startups: Caresyntax, evismo, Prenetics, & more

Posted by Life Science Intelligence on Sep 21, 2021 8:25:12 AM
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LSI's Medtech Startup Tracker is focused exclusively on covering the privately-held innovators changing the medical device landscape.

In this past week in medtech deals approximately $78.9M in funding was raised across 4 deals, in addition to other undisclosed deals that were announced. This is the lowest total amount of weekly funding tracked by LSI in nearly 4 weeks, with the last low of $85.5M seen for the week of August 23rd, 2021. 

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

Caresyntax

Digital surgery platform

$30,000,000

Series C

54gene

Genetics testing platform

$25,000,000

Series B

Rune Labs

Data analysis and insights platform for neuroscience

$22,800,000

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:

 

Caresyntax closes Series C round

The extended round allowed Caresytnax to pull in an additional $30M on top of the $100M that was raised in April 2021. Caresyntax’s digital surgery platform uses data and artificial intelligence (AI) to improve care delivery inside and outside of the operating room. The company’s platform provides benefits to multiple stakeholders, including surgeons, hospital administrators, medical device companies, and insurances companies. Caresyntax’s platform is utilized in over 4,000 operating rooms worldwide and supports over 2 million procedures per year. With this recent round of funding closed, the company has raised an estimated $208M.

Medtech Startups: Caresyntax, evismo, prenetics, vexev, Turn Medical, Rune Labs

evismo – remote patient monitoring solutions

evismo is developing cost-effective, patient focused solutions for remote vital signs monitoring. The company’s first product, CardioFlex, is a flexible wearable device that captures long-term ECG data to promptly diagnose patients with cardiac arrythmias. evismo plans to introduce new remote monitoring solutions for the diagnosis and prevention of other conditions. In September 2021, the Zurich-based company raised $1.1M in Seed funding. Key strategics in the remote patient monitoring market include Boston Scientific, Medtronic, and Philips.

 

Prenetics to go public via SPAC merger

The deal with special purpose acquisition company, Artisan Acquisition Corp, will value Prenetics at $1.25B, with a combined equity value of $1.7B. Prenetics has announced that proceeds from the deal will allow the genomic testing company to make strategic acquisitions that will make the company competitive in markets targeted by companies such as Exact Sciences and Invitae. According to Prenetics, the future of the company’s growth will revolve around the Circle HealthPod, the company’s home testing platform. Cue Health and Quidel are other competitors in the diagnostic testing market that believe the future of the market is home testing.

 

Vexev is developing a robotic ultrasound system for vascular imaging

Australian medtech startup Vexex emerged from stealth this week, revealing its tomographic ultrasound robot (TUR) system. The TUR system is being designed to automate the ultrasound process and address the limitations of current 2D ultrasound systems that are used in diagnosing cardiovascular diseases. Vexev’s device will allow vascular sonographers to obtain 3D images comparable to CT and MRI, while reducing the repetitive strain injuries that are common among sonographers. In September 2021, the company completed its first round of funding, closing a Seed round which raised $1.5M. Key strategics in the ultrasound market include GE Healthcare, Philips, and Siemens.

 

Turn Medical – preventing pulmonary complications in immobile patients

Patients that are immobilized in the hospital due to pulmonary disorders (e.g. pneumonia, sepsis) are often at risk of experiencing further complications due to being in a supine position. While the benefits of adjusting these patients into the prone position is known, it is often difficult to place patients in this position due to a variety of barriers. Turn Medical has developed the Pronova-O2 system, an automated prone therapy system that removes these barriers and makes it safe and effective to automatically rotate immobilized patients. In September 2021, Turn Medical raised $2.4M in funding from a Seed round. Major strategics in the hospital beds and critical care market include Getinge, Hill-Rom, and Stryker.

 

Rune Labs raises $23M in Series A funding

RuneLabs is developing a cloud platform dedicated to compiling data from the brain for partners in pharmaceuticals and medtech. Data collected from brain imaging, medical devices (e.g. neuromodulation devices), electrophysiology, and wearables is analyzed and visualized to provide partners with insights that accelerate the development of the next generation of neurological solutions. Beyond partnering in the research and development space, Rune Labs platform can provide clinicians with brain data to support disease management and symptom tracking. According to Rune Labs, the investment will be used to hire additional software developers and build a neuroscience team that will attract new partners in pharmaceutical development.

 

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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About the Author

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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