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.
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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.
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By GlobalDataAmong the other investors include Evonik Venture Capital, High-Tech Gründerfonds, Innovestor Ventures, and Mectalent.
