Med-tech has seen significant deal value growth during the first four months of 2023, despite a decline in the number of deals. In contrast, the value of mergers and acquisitions has experienced a notable downturn.
Regenlife SAS raised $3.3 million in series A funding in order to finalize the development of its photomodulation technology to treat neurodegenerative diseases.
A collaboration between Aegis Ventures LLC and Northwell Holdings invested $12 million to launch New York-based Optain Inc., an artificial intelligence company created to enable early identification and disease prevention through retinal imaging. Retinal imaging is well known for identifying eye diseases including diabetic retinopathy, age-related macular degermation and glaucoma, but it can also provide insight into cardiovascular and neurological conditions.
Med-tech financings have continued to decline from 2021's peak when they brought in a combined total of $27.76 billion through April. In the first four months of 2022, that dropped 61.74% to $10.62 billion and this year they have fallen 44.16% to $5.93 billion. Broken out by type of financing, med-tech follow-ons are higher than the same period last year ($2.6 billion in early 2023 vs. $1.73 billion through April of last year).
Sensydia Corp. reeled in $8 million in a financing round to advance its noninvasive Cardiac Performance System (CPS) platform, which uses heart sound analysis to enable earlier detection and better therapy guidance for patients suffering from heart failure and pulmonary hypertension. The funds will be used to finalize product development, acquire tooling, begin manufacturing and make submissions to the U.S. FDA.