Synoste, a Finnish medical device company that creates smart solutions for bone-lengthening and bone-deformation correction, has raised more than €5m to begin clinical investigations and to develop new clinical applications.
The firm’s patented technology platform helps in treating congenital, trauma and tumour-related limb discrepancies, craniomaxillofacial deformations, and adult and paediatric deformities.
This new funding has been raised from Lifeline Ventures, an investor in new technologies and AO Invest, an investment fund with a focus on start-ups engaged in treating musculoskeletal disorders. It has a network of more than 19,000 surgeons and scientists in orthopaedics and trauma. It has the backing from AO Foundation.
Synoste MD 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 chairman Michel 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 investment raises Lifeline and AO’s total equity invested in Synoste to €10m.
Among the other investors include Evonik Venture Capital, High-Tech Gründerfonds, Innovestor Ventures, and Mectalent.