MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Medical Alley startups raise $1.4B

Medical Alley startups raise $1.4B

By

Medical Alley AssociationThe Medical Alley Association announced that its startups recorded a record-setting year with $1.4 billion in fundraising in 2020.

Having broken the $1 billion barrier in 2019, the region topped that mark by the third quarter, raising nearly another half-million by the end of the year, according to a news release.

Bright Health and Bind Benefits, two health plan startups, along with Minneapolis-based Preventice Solutions — a developer of mobile health solutions and remote monitoring service for cardiac arrhythmias which was recently acquired by Boston Scientific — led the way in funding.

Preventice’s $137 million raised in 2020 topped medical device companies belonging to the region, while Bright raised a $500 million Series E to lead all Medical Alley companies.

Medical Alley’s device industry in total raised over $507 million. Relievant Medsystems followed Preventice at $70 million raised, while CVRx Inc. at $50 million and HistoSonics at $40 million contributed to the record-setting year.

Along with the $925 million (or up to $1.2 billion) acquisition of Preventice, 11 other Medical Alley companies were acquired over 2020, including Biothera (acquired by HiberCell) and Stemonix (acquired by Cancer Genetics), among others.

“In 2020, Minnesota’s Medical Alley remained a top destination for investment capital,” the association said in the news release. “Led by innovative health plans and bolstered by a record high year for the medical device sector, the region shattered records. We expect 2021 to be yet another record-breaking year for ‘The Global Epicenter of Health Innovation and Care.'”

In case you missed it

RSS From Medical Design & Outsourcing

  • First OTC molecular test for COVID-19 gains FDA nod
    The FDA today issued its first emergency use authorization for a molecular COVID-19 diagnostic test for at-home use without a prescription. The Cue Health COVID-19 Test for Home and Over The Counter (OTC) use is a molecular nucleic acid amplification test designed to detect genetic material from the SARS-CoV-2 virus in the nostrils. The authorized… […]
  • A wearable jaundice monitor for newborns?
    Researchers in Japan say they have developed the first wearable device to precisely monitor jaundice, a yellowing of the skin caused by elevated bilirubin levels in the blood that can cause severe medical conditions — even death — in newborns. Jaundice can be treated easily by irradiating the infant with blue light that breaks bilirubin… […]
  • Plastikos to double size of medical manufacturing operation
    Plastikos announced today that the second phase of construction on its Plastikos Medical plant will begin this month. The Erie, Pa.-based company completed the first building in its medical business in 2019 and has added 10 medical injection molding machines since then. The second building will more than double the size of the current ISO-7 cleanroom… […]
  • Paxxus sealant updated for EU-MDR
    Paxxus announced this week that its Chameleon color-changing package seal indicator technology now works with uncoated Tyvek used to package medical devices. Addison, Ill.-based Paxxus said it updated the technology in advance of a new packaging regulation set to go into effect in the EU in May. Chameleon now shows a vivid color-seal indicator when… […]
  • Medtronic hiring Walmart exec to run its supply chain
    Medtronic (NYSE:MDT) CEO Geoff Martha announced that the company is appointing Greg Smith as EVP of global operations and supply chain. In a LinkedIn post today, Martha wrote: “I’m pleased to share that Greg Smith, Executive Vice President of U.S. Supply Chain for Walmart, is joining Medtronic on April 5 as Executive Vice President of… […]
  • Philips and Disney want to make MRIs easier for children: Here’s how
    Royal Philips (NYSE:PHG) announced today that it is teaming up with Disney to test the effects of custom-made animation to create a relaxing atmosphere for young patients. Amsterdam-based Philips will collaborate with The Walt Disney Company EMEA to see whether the animation, including specially-made Disney stories within Philips’ Ambient Experience, creates a relaxing atmosphere to improve… […]
  • Origami Surgical gains FDA clearance for robotic suturing devices
    Origami Surgical today announced that the FDA has granted 510(k) clearance for three new types of sutures for its StitchKit robotic surgery platform. The company describes StitchKit as a patented suture delivery and retrieval system designed so sutures are efficiently inserted and needles are safely removed from the surgical field. StitchKit also allows the robotic… […]
  • NAMSA acquires American Preclinical Services
    Contract research organization NAMSA today announced its acquisition of Minneapolis-based American Preclinical Services (APS). This purchase follows NAMSA’s acquisition of New York-based Syntactx, a clinical research services CRO, in January. The acquisition will provide NAMSA customers with a broader range of laboratory models and analysis tools, including innovative surgical instrumentation and several state-of-the-art catheterization labs,… […]
  • 5 reasons Medtronic’s CEO is optimistic about the future
    Nearly a year after Geoff Martha took over the corner office at Medtronic, the world’s largest medical device company is transforming. In a recent interview with our DeviceTalks Weekly podcast, Martha detailed Medtronic‘s major reorganization, its shift in corporate culture and more. Martha was also highly pleased about Medtronic’s recent Q3 earnings results. Here are… […]
  • Medtronic is changing a lot: Here’s what you need to know
    CEO Geoff Martha says Medtronic‘s ongoing corporate restructuring will position the company to compete better with medical device rivals, freeing the front-line forces from earlier entanglements. But the change will also create new opportunities for Medtronic employees at the company and elsewhere. In a far-ranging interview with the DeviceTalks Weekly podcast, Martha reviewed the company’s… […]
  • Pharma’s been slow to adopt Industry 4.0 — but that could change
    The pharma industry has been relatively slow to embrace concepts such as Industry 4.0, but COVID-19 is serving as a catalyst for sweeping changes within the industry. The philosophy has roots in a German framework that prioritizes digitization to drive manufacturing efficiency, promising that cyber-physical systems will usher in the next industrial revolution. The Industry… […]