Medtech Startups: LumiraDx, Optellum, Ultromics, & more

Posted by Life Science Intelligence on Aug 25, 2021 7:16:41 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 past week continues the decline in medtech startup fundraising deals, with approximately $85.5M in funding raised across 4 deals. The total weekly fundraising amount for medtech startups has continued to fall off from the $446M high seen three weeks ago.

 Trends in Weekly Medtech Fundraising for August

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

ClosedLoop.ai

Predictive modeling software solutions for healthcare organizations

$34,000,000

Series B

Ultromics

AI echocardiography analysis platform

$33,000,000

Series B

Ultrahuman

Wearable metabolic sensor & continuous glucose monitor

$17,500,000

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:

 

LumiraDx – lab quality diagnostics at the point-of-care

LumiraDx develops and commercializes a lightweight, cost-effective point-of-care (POC) diagnostic device with a growing portfolio of tests. Their platform provides lab-comparable results in minutes. In April 2021, LumiraDx announced that it will be going public through a SPAC merger with CA Health Acquisition. Initially the merger was valued at $5B, however declines in COVID-19 testing volumes have resulted in LumiraDx reducing the valuation to $3B – a 40% reduction. While the outlook on the company’s valuation has tempered, the company has still generated significant attention from investors, having raised $239.8M in total capital.  LumiraDx reported revenues of $139M in 2020. Key strategics in the point-of-care diagnostic testing market include Abbott, BD, and Roche Diagnostics.

 Medtech Startups: LumiraDx, Optellum, Ultromics, Somne, Prellis Biologics, Univfy

Optellum is using artificial intelligence to identify lung cancer early

Optellum’s Virtual Nodule Clinic identifies and tracks lung nodules detected through CT scans to improve early diagnosis and support treatment planning in patients to improve patient survival rates. Artificial intelligence (AI) is at the heart of the company’s platform, using imaging analytics and neural networks to compute a Lung Cancer Prediction score to support optimal clinical management of patients. Optellum entered a strategic partnership with Johnson & Johnson last August. To date, the Oxford-based startup has raised $1.3M.

 

Ultromics closes Series B round, raises $33M

According to the company, the investment will support commercialization of the company’s echocardiogram analysis platform. Ultromics’ EchoGo platform is an AI-powered platform for the analysis of echocardiography data. The platform automatically assesses echocardiographic images to support the diagnosis of coronary artery disease, amyloidosis, and heart failure. Echocardiography is an accessible, minimally invasive, convenient, and low-cost modality for imaging the heart. Ultromics’ platform enhances this imaging method to make it as accurate and effective as more expensive imaging modalities. GE Healthcare, Hill-Rom, and Philips Healthcare some of the leading strategics in the echocardiography devices market. 

 

Somne – an alternative device for treating obstructive sleep apnea

Continuous Positive Airway Pressure (CPAP) machines are commonly used for patients with obstructive sleep apnea (OSA), a condition which affects approximately 25 million adults in the US. Somne is developing an alternative to CPAP therapy which eliminates the masks and hoses associated with the device. Somne’s Variable Negative Pressure (vNEP) technology wraps around the user’s neck and applies gentle suction to prevent soft tissue from resting on the airway as the user sleeps. Somne has started the FDA IDE process for its device, with plans to bring the device to market by 2024.

 

Prellis Biologics is using 3D printing technology to create functional human organ and tissues

The company’s bioprinting technology will be capable of creating complex organs with microvasculature to ensure that fabricated organs are supplied with oxygen and nutrients necessary to function. In addition to the creation of functional organs, the company’s technology has applications in human antibody discovery that can significantly shorten the discovery process associated with animal models. Prellis has raised $29.9M in total fundraising.

 

Univfy – personalizing and simplifying in vitro fertilization

Univfy provides families with personalized and scientifically validated prediction models to improve the success of in vitro fertilization (IVF). The company utilizes predictive analytics and machine learning to analyze multiple factors that impact the success of IVF to help patients and doctors determine the best treatment plan to maximize the chances of having a baby. According to the Society for Assisted Reproductive Technology, the demand for assisted reproductive technologies continues to increase as the market for reproductive solutions grows. Other startups offering solutions to improve the success of IVF include Alife Health, Flo, and Progyny.

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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