Medtech companies raised more than $738 million in Q2

Venture capital firms invested more than $738 million during the second quarter of 2018, $1 million less than the first quarter of this year, according to the MoneyTree Report from PricewaterhouseCoopers (PwC) and CB Insights.

There was a total of 61 deals during Q2, an increase from the 48 that the industry saw during Q1. Medical device and equipment companies raised a total of $738,600,000 during the second quarter. In contrast, medical device and equipment companies raised $739,750,000 during Q1.

Compared to the second quarter of 2017, investments are down $1.5 million, but there were four more deals made than last year.

The top 10 companies that raised the most VC in the second quarter were:

• Mevion Medical Systems (Littleton, Mass.) raised $150 million in its later stage of development during Q2. The company provides proton therapy system that are to be used in radiation treatment for cancer patients. Mevion’s S250 proton therapy platform is the only modular, single room proton therapy system on the market.
• RefleXion Medical (Hayward, Calif.) raised $100 million in its expansion stage last quarter. The company is currently developing a biologically-guided radiotherapy system for cancer treatment. The technology behind the cancer treatment allows tumors to continuously signal their location during treatment.
• Relievant Medsystems (Minneapolis) raised $58 million in its later stage of development during Q2 this year. The company currently provides a therapy that eliminates back pain while preserving other therapeutic options. The Intracept System is a minimally invasive procedure that uses radiofrequency energy delivered through a small access tube into the vertebral body to ablate the Basivertebral nerve.
• Cardiac Dimensions (Kirkland, Wash.) raised $39 million in the expansion stage of development during the second quarter this year. The company is developing a minimally invasive treatment that addresses heart failure and other related cardiovascular conditions. Cardiac Dimensions’s Carillon Mitral Contour System is designed to address functional mitral regurgitation while using a percutaneous approach.
• Cytrellis Biosystems (Woburn, Mass.) raised $28.5 million during its expansion stage of development in Q2. The company is currently developing products for dermatology, scar reduction and aesthetic medicine. The devices are designed to remove sagging skin that comes with aging without surgery or scarring.
• Avedro (Waltham, Mass.) raised $25 million in its later development stage. Avedro is developing technology for corneal cross-linking. Its Lasik Xtra procedure and KXL System have been used in hundreds of practices around the world over the last few years. The company plans to introduce its Mosaic System and Photorefractive Intrastromal Cross-Linking procedure to give ophthalmologists a new, non-invasive way to perform refractive correction.
• Acutus Medical (Carlsbad, Calif.) raised $22,820,000 during the second quarter of this fiscal year. The company is currently developing a technology that optimized treatment strategies for complex cardiac arrhythmia. It is developing safe, efficacious and cost-effective solutions for patients who have complex cardiac arrhythmia.
• Eargo (Mountain View, Calif.) raised $22,120,000 during its expansion development stage. The company is an audio hardware company that is developing hearing devices that are designed to be “virtually invisible” and use Flexi Fibers to keep the device in the ear canal to keep it hidden while leaving the ear canal open for natural bass sounds to pass through.
• CardioFocus (Marlborough, Mass.) raised $21 million in the early stages of development during Q2. The company is manufacturing devices for ablation treatment for cardiac disorders like atrial fibrillation. The company’s HeartLight Endoscopic Ablation System uses a compliant balloon and an endoscope to give physicians the capacity to see inside the heart. The system allows for physicians to visually direct the application of laser energy to get durable pulmonary vein isolation.
• Axonics Modulation Technologies (Irvine, Calif.) raised $20,100,000 in its expansion stage of development. The company is developing a neuromodulation technology for patients who have urinary and fecal dysfunction. The company’s Axonics r-SNM System includes a miniaturized rechargeable stimulator that is qualified to function at least 15 years. It also has a charging system that is optimized for reduced charge time and minimal heating, a remote control and a clinician programmer than helps with lead placement procedures and programming.