Synoste, a Finnish medical device company, has raised over €5m to start clinical investigations and to develop new clinical applications.
The company is engaged in the development of smart solutions for patient-friendly bone-lengthening and bone-deformation correction.
Synoste’s patented technology platform provides the basis for further disruptive changes in the treatment of congenital, trauma- and tumour-related limb discrepancies, adult and paediatric deformities, and craniomaxillofacial deformations.
The new funding was provided by Lifeline Ventures, a specialist early investor in game-changing technologies and AO Invest, an investment fund backed by the AO Foundation, the world’s largest community and network of musculoskeletal surgeons and scientists.
Synoste managing director and co-founder Harri Hallila said: “We are excited to gain funding from two complimentary groups – Lifeline’s forward-thinking mindset and strong entrepreneurial experience combined with AO’s expertise and access to a global network of our target surgeons will empower our development of an expanded portfolio of cutting-edge solutions and enable us to transition them into clinical practice faster.”
AO Invest chairmanMichel Orsinger said: “SYNOSTE is exactly the type of company that interests AO Invest; they have created not just a product but a platform that will enable various intelligent solutions from traditional intramedullary nails to flat plates that can be used in the treatment of extremely painful and psychologically debilitating conditions.”
The €5.1M Lifeline and AO investment raises the total equity invested in SYNOSTE to ten million euros. SYNOSTE’s other investors include strategic and financial investors: Evonik Venture Capital, a German materials company; High-Tech Gründerfonds, Germany’s largest seed investor; Innovestor Ventures, with the largest portfolio of venture backed companies in Finland; and Mectalent, a partner company that provides SYNOSTE component manufacturing and precision mechanics.
AO Invest is a newly established investment fund focused on start-ups active in the field of musculoskeletal disorders. The fund is backed by the AO Foundation, a 60-year old non-profit organization, which boasts the world’s largest network of more than 19’000 surgeons and scientists in orthopedics and trauma.
The goal of AO Invest is to invest in start-ups related to the AO Foundation’s core expertise, and use the Foundation’s unique reach and expertise to help their companies achieve their full potential.
Source: Company Press Release