Medtech Startups: Sirona Medical, Proov, Anavasi Diagnostics & more

Posted by Life Science Intelligence on Nov 16, 2021 10:05:04 AM
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Last week, medtech startups raised approximately $193.5M in funding across 12 deals, in addition to other undisclosed deals that were announced.

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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

Sirona Medical

Software platform to improve radiology workflow

$40,000,000

Series B

AppliedVR

VR-based digital therapeutic for chronic pain

$36,000,000

Series B

EON Dental

Easy-to-use teeth alignment solution

$26,000,000

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:

 

Sirona Medical completes $40M Series B round

Sirona will use the investment to support the commercialization of the company’s RadOS platform. RadOS combines the various elements of the radiology process, including EHRs, PACs, and RISs, to improve workflow and reduce costs. The RadOS platform utilizes artificial intelligence (AI) to reduce the cognitive burden on radiologists, allowing them to focus on interpreting results and diagnosing. With this latest funding round, Sirona Medical has now raised approximately $63M in capital.  

Medtech Startups: Sirona Medical, Proov, Wearable Artificial Organs, Beacon Biosignals, Vektor Medical, Anavasi Diagnostics

Proov – simplifying fertility planning for women

Proov has developed a platform for providing women with personalized fertility plans. The platform combines the use of the Proov Insight application and the company’s FDA-cleared PdG (a progesterone metabolite) to help women identify the best days for getting pregnant. This week, the company announced that they had completed a Series A round which raised an undisclosed amount. Prior to the completion of the Series A round, Proov has raised approximately $6.8M.

 

Wearable Artificial Organs is developing truly portable solutions for ESRD

Today there are nearly 800,000 adults in the US living with end-stage renal disease (ESRD). It is WAO’s mission to develop truly portable solutions to improve the quality of life of patients with ESRD. The company has two devices: a portable continuous renal replacement therapy (CRRT) device and a wearable artificial kidney. The portable CRRT system is being developed to continually refresh dialysate fluid. The company’s wearable artificial kidney filters a patient’s blood on only 300cc of fluid for up to 24 hours.

 

Beacon Biosignals raises $27M to develop neurobiomarker discovery platform

Beacon Biosignals has developed a research platform to support the development of new treatments for patients with neurological disorders and psychiatric diseases. The company’s platform uses electroencephalogram (EEG) data and machine learning to identify neurobiomarkers that allow pharmaceutical companies and other partners to monitor drug activity and efficacy. The recent investment will be used to help the company scale its biomarker discovery platform beyond Alzheimer’s disease into new neurological, psychiatric, and sleep medicine indications. 

 

Vektor Medical – non-invasive mapping of arrhythmia

Vektor Medical is developing vMAP, a non-invasive system that interprets electrocardiogram data to identify sources of arrhythmia inside and outside of the heart. The vMAP system creates a 3D “heat map” of the patient’s heart in minutes to help doctors target the origins of arrhythmia for treatment planning. On November 9, 2021, Vektor Medical received FDA 510(k) clearance for the vMAP system. Abbott, Biosense Webster (J&J), and Medtronic are the leading strategics in the arrhythmia treatment market.

 

Anavasi Diagnostics receives $14.9M grant from the NIH

The funding will support the launch of the company’s AsencioDx molecular diagnostic for the detection of the COVID-19 virus. Anavasi is anticipating receiving Emergency Use Authorization (EUA) from the FDA in the near future. Anavasi’s rapid diagnostic test uses loop-mediated isothermal amplification (LAMP) to test for the presence of COVID-19 RNA in approximately 30 minutes. The AscencioDX test will have potential for use in point-of-care healthcare settings, workspaces, schools, and even at-home use pending FDA clearance. Key strategics in the molecular diagnostics market include BD, Illumina, and Qiagen.

 

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

Topics: Insider, Startup, 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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