Medtech Startups: Sonic Incytes, Rarecells, Limbix, & more

Posted by Life Science Intelligence on Dec 14, 2021 10:59:15 AM
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Last week, medtech startups raised approximately $124.9M in funding across 11 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

Robin Healthcare

Artificial intelligence medical scribe for healthcare providers

$50,000,000

Series B

Mightier

Digital health platform that gamifies behavioral health management

$17,000,000

Series B

Limbix

Digital therapeutic for adolescent mental health

15,000,000

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:

 

Sonic Incytes – a point-of-care ultrasound for evaluating liver health

The company has developed Velacur, a portable, handheld ultrasound device that can evaluate liver fibrosis in patients in 5 minutes. The technology is an alternative to biopsy and magnetic resonance imaging (MRI), which are currently less comfortable and convenient solutions used to evaluate liver health. On December 7th, 2021, Sonic Incytes announced that it had completed a Series A round of funding which raised $7.3M. The investment will support the commercialization of the FDA-cleared Velacur platform.

LSI Medtech Startup Tracker: Sonic Incytes, Rarecells, Limbix, Entvantage, KitoTech, Lifelight

Rarecells raises $13M from Series A round

Rarecells ISET technology is a liquid biopsy testing solution that isolate circulating tumor cells (CTCs) from 10mL samples of blood. ISET has applications for all solid tumors, with the company initially focusing on the early diagnosis of acute myeloid leukemia and prostate cancer. On December 9th, 2021, the company announced that it had raised $13M in Series A funding. According to Rarecells, the funding will support the clinical and laboratory operations in the US. Guardant Health, Qiagen, and Roche are market leaders in the liquid biopsy market.

 

Limbix – a digital therapeutic for adolescent mental health

Limbix has created the first digital therapeutic for adolescents with mental health challenges.  In October 2021, Limbix launched SparkRx, a prescription digital therapeutic for the treatment of depression in adolescents. SparkRx guides adolescents through a 5 to 7 treatment period that introduces the user to skills, behavioral training, and support that allow teens and young adults to treat their symptoms quickly and privately. SparkRx has not received regulatory approval from the FDA, but is available for use through the FDA’s enforcement policy for digital health solutions in response to the COVID-19 pandemic. The company recently raised $15M in financing from a Series A round. To date, the company has raised $31M in funding.

 

Entvantage Dx is developing a point-of-care diagnostic to reduce antibiotic usage

Austin-based Entvantage’s mission is to reduce the overall reliance on antibiotics when treating ear, nose, and throat (ENT) infections. The Sinu-Test Diagnostic Kit identifies the three pathogenic bacteria that commonly cause bacterial sinusitis – allowing physicians to determine which patients require antibiotics for treatment. The company has raised $6.9M to date. Key strategics in the point-of-care diagnostics market include Abbott, BD, and Roche.

Entvantage Dx will be a presenting company at Life Science Intelligence’s Emerging Medtech Summit in March 2022.

 

KitoTech – a novel solution for wound closure

KitoTech Medical has developed a novel wound closure platform based off the company’s proprietary Microstaple Technology. microMend combines the flexibility and ease-of-use of adhesive bandages, with the anchoring and stability of staples. The technology was designed as an alternative to traditional adhesive bandages, staples and sutures. In December 2021, KitoTech announced that the company had raised $2M in Series B funding, which brings the wound closure company’s total funding amount to $11.4M. The strategic landscape for wound closure solutions consists of major players such as 3M, Cardinal Health, and Smith & Nephew.

 

Lifelight raises approximately $8M in funding

The recent investment came from a combination of grants and equity funding. The company announced that the funding will be used to support the development of the company’s remote patient monitoring platform. Lifelight is developing a platform that turns smartphones and tablets into remote vital monitoring systems that can be used at home and in the healthcare ecosystem. The Lifelight platform capture accurate vital signs data using the camera on smart devices in about 40 seconds. The platform monitors changes in skin color that are typically invisible to the human eye.

 

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

Topics: Insider, Startup, Medtech, Medtech Venture Capital, 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.

Contact LSI here, via phone 714 847 3540, or email info@lsintel.com