Fundraising these days is the 21st Century equivalent of the 12 Tasks of Hercules. But some companies, like Hercules, is able to accomplish this task. In March, which were the top five deals?
Fundraising these days is similar to a Herculean task that involves competing with other medical device companies who are courting investors, courting investors who are increasingly skittish about medtech. The five below, which tapped the private and public markets, are an exception to the general medtech fundraising narrative. Notably, two of them are based outside the U.S.
The top five deals were:
Name of Company: Domain Surgical
Location: Salt Lake City, Utah
Amount Raised: $35 million in equity and debt
Investors: unnamed medtech company, OrbiMed, BioStar Ventures, as well as existing investors, board members and management.
Product: Domain Surgical has developed the FMwand Ferromagnetic Surgical System is a hemostatic dissection device that uses pure thermal energy to cut and coagulate tissue. The device doesn’t pass any electrical current through the patient.
Name of Company: Axonics Modulation Technologies
Location: Irvine, California
Amount Raised: $32.6 million
Investors: Edmond de Rothschild Investment Partners (EdRIP) was the lead investor with participation from NeoMed Management, Legend Capital, and angels.
Product: Axonics is developing an implantable neuromodulation device to treat chronic pain and overactive bladder
Name of Company: Invendo Medical
Location: Kissing, Germany and Garden City, New York
Amount Raised: 22.5 million euros ($28 million)
Investors: Xeraya Capital, a German Family Office, TVM Capital, Wellington Partner, 360° Capital and the founders invested.
Product: FDA-cleared single-use colonoscope - Invendoscope- operated using a hand-held device
Name of Company: Neovasc
Location: Vancouver, Canada
Amount Raised: C$25 million ($22.5 million)
Investors: Public markets in Canada
Product: It makes various products including the Neovasc Reducer(TM) for the treatment of refractory angina and the Tiara(TM) transcatheter mitral valve replacement device in development for the treatment of mitral regurgitation.
Name of Company: Oculeve
Location: San Francisco
Amount Raised: $16.7 million
Investors: Unknown in this round. Previous investors include Kleiner Perkins Caufield Byers, Versant Ventures and NEA among others.
Product: The company reportedly has developed a small implantable device that can stimulate tear secretion and is aimed at patients suffering from dry-eye symptoms.