The amount of money raised by med-tech companies in the first quarter (Q1) of 2023 is the lowest amount raised for the industry during any quarter going back to 2018.
Nyxoah SA reported it successfully raised $3 million to ramp development of its Genio technology for the treatment of obstructive sleep apnea. This fundraising took the form of private placement of shares on the Nasdaq. They were acquired by Sydney-based Cochlear Ltd., an existing Nyxoah shareholder.
Gilde Healthcare Partners BV raised €600 million (US$658 million) in capital commitments for a new investment fund which will be deployed into companies across Europe and the U.S active in digital healthcare, medical technology and therapeutics. The fund, ‘Venture&Growth VI’, will focus on investing in fast growing companies developing solutions for better care at lower cost.
Alphatec Holdings Inc. (ATEC) acquired the robotic-enabled minimally invasive (REMI) system from Fusion Robotics LLC, a division of Integrity Implants Inc. (dba Accelus Inc.), for $55 million in cash. The deal brings a sophisticated navigation system for spine procedures into the Alphatec fold, something management previously identified as a target for expansion. Alphatec focuses on spinal surgery solutions. REMI integrates navigation and robotics into a range of spinal procedures and allows use of either a 3D imaging scan or 2D fluoroscopic images to precisely guide instruments and implants to the desired location during surgery.
Beijing Surgerii Technology Co. Ltd. completed a series C3 round to support the development of its robotic system for single-port laparoscopic surgery.
Compared to recent fundraising rounds in the med-tech space, Noah Medical Inc. was veritably deluged with cash in its series B. Softbank Vision Fund and Prosperity7 Ventures led the round, which rained down $150 million on the medical robotics company. Other participants included Hillhouse, Sequoia China, Shangbay Capital, Uphonest Capital, Sunmed Capital, Lyfe Capital, 1955 Capital, AME Cloud Ventures and undisclosed strategic investors.
The €13.8 million (US$15.25 million) Kiro SAS recently raised in its series A financing led by Sofinnova Partners will enable the company to further develop its artificial intelligence (AI) platform, which standardizes and analyzes laboratory test results, making them more relevant to doctors and easier for patients to understand. The funding will also allow the company to prepare the groundwork to enter the U.S. market where, Alexandre Guenoun, CEO at Kiro, told BioWorld, there is a huge “opportunity” for the AI platform following changes to regulations which require laboratories to communicate test results directly to patients.
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