Medtech has had a mixed few years. In 2023, startups in the sector raised $2.2bn with 2024 looking similar — roughly half of the $4bn picked up in 2021, according to Sifted data.
But there have still been some sizable rounds in recent times. Since the start of 2023, surgical robotics startups have been the biggest winners. The UK’s CMR Surgical picked up £165m in September last year, Switzerland’s DistalMotion $150m in April 2023 and Italy’s Medical Microinstruments $110m in February this year.
There’s also been some buzz around next-gen diagnostic devices, as founders — including Spotify’s Daniel Ek with his body scanning startup Neko Health — look to tap into the trend of more people using wellbeing and fitness devices like Apple Watches and Oura rings.
But which non-portfolio medtech startups are investors keeping a close eye on? To find out, Sifted spoke to VCs at 415 Capital, Sofinnova Partners, MIG Capital and SHS Capital.
Linus Rieder, principal at 415 Capital
Medical Microinstruments (MMI) – Italy
MMI is building surgical robots to help with micro-surgery. Its robotics platform can be used in reconstructive surgery, plastic surgery and head-neck surgery. The startup is looking to solve key issues in microsurgery like the effects of surgeon tremor and reduces the need for microsurgery training.
Gradient Denervation Technologies — France
Gradient Denervation Technologies is developing a device for treating heart failure patients with associated pulmonary hypertension. As many as half of heart failure patients around the world have elevated pulmonary vascular resistance, which is shown to lead to an increased risk of mortality and hospitalisation. There are no approved drug or device therapies for this group of pulmonary hypertension patients. By using minimally invasive ultrasound to treat hyperactive nerves in the pulmonary arteries, however, the startup’s technology has the potential to treat and help tens of thousands of patients each year.
CorWave — France
CorWave's left ventricular assist device (LVAD) mimics the natural heart's function to treat patients with advanced heart failure. This technology enables the device to replicate the heart pulses, reducing the mechanical damage to blood cells common with current LVADs.
Anne Osdoit, partner at Sofinnova Partners
Ganymed Robotics — France
Ganymed is working on a robotics platform to assist surgeons with implant placement during knee replacement surgery. The Paris-based company's approach uses computer vision and artificial intelligence to perceive, and extract knowledge from, the surgical environment in a non-invasive manner, removing imaging and registration steps that add time and complexity to knee surgery.
Gleamer — France
Gleamer is developing AI tools to enhance image interpretation for radiologists. The startup’s main product helps clinicians identify bone trauma at the point of care. Gleamer has achieved multiple regulatory approvals and successfully commercially deployed in both the US and EU.
Salvia BioElectronics — The Netherlands
Salvia BioElectronics is developing drug-free neuromodulation therapies — which refers to a group of medical procedures that look to change brain activity by stimulating nerves — for migraines. Salvia's paper-thin implant is designed to be placed under the forehead to reduce the frequency and intensity of migraine attacks by delivering gentle electrical pulses to the nerves associated with the condition. The company is currently in the clinical stage, having received the Breakthrough Device Designation from the United States Food and Drug Administration (FDA), which facilitates expedited market access for devices that treat life-threatening or irreversibly debilitating conditions.
Fei Tian, principal at MIG Capital
Artidis — Switzerland
Artidis is developing imaging tools for cancer diagnostics. It combines a nanotechnology device which analyses tissue with a digital data platform to measure the physical characteristics of both tumour cells and the tumour microenvironment. After determining if a tumour is benign or malignant, Artidis’ technology identifies if it will spread to other sites and can help inform chemotherapy and immunotherapy permeability and treatment response.
CoreMedic — Switzerland
CoreMedic has developed an implant which treats the heart condition mitral valve regurgitation (MR). The CoreMedic implant can replace ruptured mitral — a part of the heart — in a minimally invasive procedure that is physiological and reproducible, promising long-term clinical benefits.
Cornelius Maas, partner at SHS Capital
Vitestro — The Netherlands
Vitestro is developing an autonomous blood drawing device. This innovative device combines robotics and AI to perform blood drawing more efficiently and safely. Over the past year, Vitestro has made significant strides in clinical trials and secured an additional €20m in funding in April. Vitestro’s tool could mean less burden for patients, less work for the medical staff and consequently reduce costs for the healthcare system.
Saphenus — Austria
Saphenus is developing sensory feedback systems for prosthetics. Their key product, the Suralis system, provides users of lower-limb prosthetics with the sensation of foot contact, significantly improving balance and gait. Recently, Saphenus received FDA approval with their Suralis systema and received reimbursement status with key German medical insurers.
Bluedrop Medical — Ireland
Bluedrop Medical is developing a medical device to monitor foot health and prevent diabetic foot ulcers. It looks like a weighing scale and aims to enable early detection of foot ulcers, which can lead to amputation. Bluedrop Medical is a good example of how remote monitoring can replace doctor visits while preventing serious disease progression, improving patient outcomes and reducing healthcare costs.
