The One Unique Asset All Medtech Leaders Possess & How Your Use of It Determines Whether You're a Master Or a 'Me Too'

99% of medical device executives squander their most valuable asset.

It costs them investment funds, partnerships, exits, and all the best C-Suite and Board Director roles.

You would think something so important would be on everyone's radar, but it's not. Perhaps because many medtech professionals have subconsciously bought into the idea that professional conformity is safe, despite the horror that their technology itself might be labeled as a dreaded 'me too' device.

Maybe it's because, by and large, our industry is comprised of STEM individuals who pride themselves on employing logic and reason to demonstrate the merit of a choice, completely ignoring the research that shows only 5-10% of decisions are made rationally.

It could be as simple as lacking the confidence to express any emotion or humanity, fearing that it will undermine the serious nature of our work.

If you're getting an inkling of where I'm going with this (clever you), you've probably already recognized this trend, and its significance, in our industry.

The one precious asset we all have is our unique story that answers the question, 'So what, who cares?'

As a leader, it's your job to bring your technology, your company, and your patient populations to life in the minds of investors and KOLs. This doesn't negate or trump the need for solid IP, sizeable TAM, or a well considered regulatory path and reimbursement strategy - those are all table stakes.

It take all those required elements and combines them into a vivid, moving experience that sticks with the listener long after you're gone.

That's how you win capital raises, partners, acquirers, and industry leaders who are compelled to be part of your exciting story.

I've been lucky enough to witness, and speak with, some medtech leaders who are absolute masters in the art of engagement. Some you've heard of and others are more hidden gems. I've learned from them and you deserve to have that same advantage.

Rather than me writing boring, long lists of how-to's, I'm taking a page from their book and have come up with a way to make it come alive for you in the coming weeks.

Follow me on Linkedin and keep your eyes peeled for medtech mastery in action.

1. More than 14,000 employees in the device industry have been laid off since the start of 2023 - that alarming figure is bound to strike unease in all our hearts but the good news is that there is a lot of excellent medtech talent available for startups and SMEs in need of some seasoned professionals.
2. Microvention emerges victorious in their trade secret suit against three former employees who apparently took more than their memories with them. "38,000 MicroVention files consisting of confidential, proprietary, and trade secret information, including confidential manufacturing procedures, technical drawings, test methods, test reports, build records" were taken and when the ex-employee's startup was acquired by Balt, ostensibly the information was made available to the competitor.
3. Government and investment funds are throwing their money at startups and university research facilities that are developing 'digital twin' technologies that recreate organs virtually for experimentation and treatment purposes. Applications include cardiac treatments, prenatal care, oncology protocols, and patient population disparities.

Q Bio raised $27 million for the development of a full body scanner designed to go head to head with the incumbent leaders in MRI. The Venture Arm of Canadian telecom Telus came in as a new investor in this raise, joining current investors Khosla Ventures, Andreessen Horowitz, and Founders Fund.

Novocuff, California-based developers of the Novocuff Cervical Control System that mitigates PPROM and short cervix conditions related to pre-term birth, raised $26M in Series A funding. Laborie, RH Capital, and March of Dimes joined the raise led by AXA IM Alts, with existing investors contributing to this latest round as well.

Loci Orthopaedics, based in Ireland, raised €12.8m in a Series A for its InDx Implant System to treat thumb based joint arthritis. Johnson & Johnson Innovation, Seroba, JJDC, and the European Innovation Council (EIC) Fund led the round as new investors.

ROSE Diagnostics raised $1,005,000 in seed funding.

Neuspera Medical closed a $23M Series D for its Implantable Sacral Neuromodulation (SNM) System that manages Urinary Urge Incontinence (UUI) and Overactive Bladder (OAB). Vertex Ventures HC and Treo Ventures led the round with Windham Venture Partners, Action Potential Venture Capital, Olympus Innovation Ventures, and another strategic investor participating.

Houston based, Velentium, an engineering firm specializing in the design, development, and manufacturing of medical devices received a commitment from Trinity Capital for $15M to accelerate their growth as a 'one-stop shop' for medical device development. Their new facility boasts seven clean rooms within its 50,000 square feet.

PulseMedica raised $12 Million CAD as part of their pre-Series A financing round to advance its eye floater imaging and treatment technology. Saltagen Ventures led the financing round with participation from Accelerate Fund III, ScaleGood Fund, ThresholdImpact, UCeed Health Fund, Startup TNT and the University of Alberta’s Innovation Fund.

Israeli startup AccuLine Medical has announced the completion of a $4.2 million Seed round led by eHealth Ventures and Maccabi Healthcare Services. The total amount raised includes a grant from the Israel Innovation Authority, a grant from Google's AI Startups Fund, and capital from the Mayo Clinic and supports the continued development and commercialization of their CORA system, which allows for early detection of coronary artery disease (CAD). 

Endoron Medical, developers of the catheter-based EndoStapling solution Aortoseal, announced the closing of its 10M Series A round, led by Sofinnova Partners, with matching funds from the European Innovation Council Fund (EIC Fund).

Boca Raton based, Flospine, raised $1.7M in a seed round for the continued development of its spinal medical device. Investors were undisclosed.

Edwards is acquiring Israel-based Innovalve Bio Medical, developers of Transcatheter Mitral Valve Replacement (TMVR) technologies for $300M. In a bid to increase their presence in the TMVR market they've also taken a stake in France’s Affluent Medical for €15M, giving it access to Affluent's IP for biomimetic mitral valve replacement as well as the exclusive option to buy Affluent's subsidiary, Kephalios', mitral valve ring.

UFP Technologies acquired Welch Fluorocarbon and Marble Medical, developers and manufacturers of implantable medical components utilizing thin films, and adhesive-based medical components and single-use devices, respectively.

EnsoData acquired sleep apnoea screening diagnostic technology from Resonea. The acquired technology introduces acoustic flow and microphone data channels, which will be integrated into a US Food and Drug Administration (FDA)-cleared mobile application.

Illumina has bought, for an undisclosed sum, Fluent Biosciences, developers of "kits that segregate cell mixtures into partitions with barcoded template particles that can be processed for single-cell applications."

Vinod Khosla

Founder of Khosla Ventures, this VC is very active on X and is a frequent guest on podcasts and media interviews. A dedicated foundation as a scientist and technologist is obvious, both in his investment strategies and the advice he proffers to startups. Very well worth the follow for his spirited and unvarnished posts and obvious love for medtech.

Joshua Elkington

Founder and GP at Axial Ventures, this VC posts on both Linkedin and X and has a podcast focused on topics relevant to biotech startups. The firm's style is a little bit quirky (check out their website, linked above) and is a breath of fresh air.

Owen Willis

Founder and GP at Opal Ventures, this VC posts on Linkedin, often congratulating portfolio companies and colleagues and offering up thoughts on the complexities of building, and investing in, health technology.

Capturing the Gold, Sharing the Wealth

As mentioned above, we've come up with a super cool way to put a spotlight on some of medtech's strategic engagement masters and showcase some of the applause worthy medtech successes that don't always get the attention or recognition they deserve. Pulling off capital raises and exits as a startup or SME is an epic challenge that comes with hard knocks and hard won knowledge. There's a goldmine of tips and insights there to enrich the entire industry so let's see what we can do to spread the wealth.

As I mentioned above, follow me and keep your eyes peeled for some hidden treasure.

Thanks for reading. Look for our next issue in two weeks.

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