Healthtech

Q3 202427.08.2024

Medtech (Q3 2024)

Picture of Éanna Kelly

Éanna Kelly

at Sifted

Medtech can be a difficult nut to crack. For startups in the sector, it can take years to develop a product — and, crucially, prove that it works in a clinical setting — and high regulatory barriers can mean years more to ship it to market. For investors, that pushes exit timelines back compared to typical software-based tech investments.

But while it’s not a sector that’s been immune to the effects of the downturn — funding between 2021 and 2023 fell by nearly half — VCs are still pumping money into certain verticals.

Surgical robotics startups have been big winners in recent times, with three of the four biggest raises in the sector since the start of 2023 going to companies building tools for surgeons. There’s also buzz around next-gen diagnostics — as founders and VCs look to take advantage of the growing number of people measuring their health with devices like Apple Watches and Oura rings.

For investors that do have the patience for it, there’s a well trodden exit path to shoot for. Medtech corporates — including household names like Johnson and Johnson and Roche — are naturally acquisitive, and the 33 exits in 2023 was a record figure. These days, however, potential buyers’ appetite for risk has been clipped by the downturn and rising interest rates and big corporates are increasingly looking for later-stage startups to acquire.

While medtechs also have to contend with shifting regulations in Europe, as the region transitions to new standards, few tech sectors can count on such reliable funding for its end product. 11% of European GDP is spent on healthcare — and, according to some in the sector, buyers like national healthcare systems are increasingly recognising the potential of technology to optimise inefficient processes and address staff shortages.

20 most promising early-stage startups to watch

Sifted score
6.85
+0.90
Aktiia
Accurate blood pressure monitoring solution.
Strong investor(s)
- Year founded
  2018
- HQ
  Neuchâtel, Switzerland
- Latest round
  Early VC
  €27.3m / Feb 2024
- Total funding
  €51.7m
View company profile
Sifted score
6.77
-
Time is Brain
Real-time brain monitoring for specialists.
Strong investor(s)
Hiring
- Year founded
  2020
- HQ
  Barcelona, Spain
- Latest round
  Grant
  €2.5m / Oct 2022
- Total funding
  €8.8m
View company profile
Sifted score
6.75
+0.47
Invizius
Targeting complement system for dialysis.
Strong investor(s)
Serial founder(s)
- Year founded
  2018
- HQ
  Chapelhall, United Kingdom
- Latest round
  Grant
  €1.2m / Mar 2022
- Total funding
  €12.2m
View company profile
Sifted score
6.66
-0.21
InVera Medical
Non-thermal medical device for CVD.
Strong investor(s)
- Year founded
  2018
- HQ
  Galway, Ireland
- Latest round
  Grant
  €2.5m / Mar 2022
- Total funding
  €7.4m
View company profile
Sifted score
6.54
-
AVATAR MEDICAL
Customizable 3D avatars for surgery.
Strong investor(s)
- Year founded
  2020
- HQ
  Paris, France
- Latest round
  Seed
  €5m / Feb 2024
- Total funding
  €8.7m
View company profile

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