Medtech Startups: Medable, Optina Diagnostics, Magnus Medical, & more

Posted by Life Science Intelligence on Nov 2, 2021 10:19:16 AM
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Last week, medtech startups raised approximately $428.6M in funding across 10 deals, in addition to other undisclosed deals that were announced. Approximately 71% of this past week’s funding is attributable to Medable, which raised $304M from a Series D round last week. Excluding the massive deal for Medable, an estimated $124.6M was raised across 9 deals.

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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

Medable

Decentralized clinical trial research platform

$304,000,000

Series D

Convergent Dental

Computer-aided laser system for dentistry

$40,000,000

Series C

Magnus Medical

Closed-loop neuromodulation system

$25,000,000

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:

 

Medable raises a staggering $304M from Series D round

Following the investment, Medable now is valued at $2.1B. With the close of this latest round, Medable has raised a total of $521M in funding. Medable’s decentralized clinical trial platform to address the challenges of operating clinical trials, including accessibility, poor technology intra-operability, and high operation costs. It is Medable’s mission to reduce clinical trial operation costs and accelerate speed to market. According to the company, Medable’s technology has been used to conduct more than 150 clinical trials in 60 countries.

Medtech Startups: Medable, Optina Diagnostics, Magnus Medical, Zeit Medical, Novadip Biosciences, Mendi

 

Optina Diagnostics is developing a retinal imaging system for the detection of Alzheimer’s disease

Currently amyloid plaques are evaluated using positron emission tomography – an expensive imaging solution that is not always readily accessible. Optina Diagnostics is developing a hyperspectral camera that images the retina and quantifies specific biomolecules in the fundus. The Retinal Deep Phenotyping platform then uses machine learning algorithms to analyze the spectral signatures from retinal images to support the early diagnosis of Alzheimer’s disease. The company recently raised $20.1M from a venture capital round to support the development and clinical trials evaluating its Retinal Deep Phenotyping platform. Major players in the ophthalmic imaging market include HOYA, Nidek, and Topcon.

 

Magnus Medical raises $25M from Series A round

According to the company, the funds from the round will be used to develop that company’s Magnus System and support additional clinical trials evaluating the company’s technology. The Magnus System is a closed-loop neuromodulation system based on SAINT technology licensed from Stanford University. The non-invasive neuromodulation technology is currently being evaluated for the treatment of major depressive disorder (MDD) in adults who have failed to respond to current treatments. The Magnus System will use proprietary algorithms to personalize therapy and deliver patient-specific patterns of stimulation to restore brain circuitry causing MDD. The company received Breakthrough Device Designation from the FDA on October 29, 2021. Abbott, Boston Scientific, and Medtronic are the leading competitors in the market for neuromodulation devices.

 

Zeit Medical – real-time stroke monitoring, in the hospital or at home

The threat strokes pose to at risk individuals are present 24/7. Stroke can go unrecognized during sleep, which can result in significant long-term harm. Zeit is developing a wearable headband that constantly monitors brain activity during sleep. Artificial intelligence is used to recognize electrical patterns that are common in stroke patients. The device is intended to accelerate time to treatment in stroke patients. In addition to monitoring for stroke, Zeit’s device is being evaluated for monitoring other neurological conditions, such as epilepsy. Zeit Medical recently completed its first round of funding, raising $2M in Seed funding.

 

Novadip Biosciences completes Series B round, raises $22M

The investment will be put towards future business growth and the continued development of the company’s tissue regeneration platform – 3M3. The platform uses a 3D extracellular matrix seeded with adipose-derived stem cells for skin and bone regeneration. The company has a large pipeline of products currently under evaluation, including cell-free and cell-based implants and injectables. Key strategics in the cellular wound therapy market include Cytori, NuVasive, and Terumo. The recent investment brings the total funding raised by Novadip to an estimated $54.5M.

 

Mendi – helping people achieve healthier mental well-being

The Mendi wearable was developed to improve their mental health through brain activity enhancing training. The device allows users to measure brain activity and participate in training programs to improve focus, mood and other factors which contribute to overall brain health. They key to the Mendi device is live visual feedback, which is possible using the device’s advanced sensor to track neural activity and oxygenated blood flow when worn. The company recently raised $4.7M in Seed funding, which will help the company develop new training programs and research new indications for use. The company has raised $8.2M in funding to date.

 

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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