New England Venture Funded Medical Device Startup List 2015 Q4

strongbarrett-moneyI’ve been tracking first-time venture financing of medical device companies in New England since 2005. Whew!

Startups are where innovation really happens. It takes the dedicated focus of a startup to drive real change to our healthcare system. A first venture funding is a validation of technology, market and business model. A key metric of the health of our local medical device innovation economy is the rate of new startup funding.

I also track startups because I want to provide a list of funded startups to the local community – job seekers, venture investors, and service providers. Startups have a hard time finding the right connections in the community, and vice versa. Maybe I can make it a little easier.

I’ve counted nine venture-funded medtech startups in 2015, of which one is a restart, one has no medical device products (but may), and one is a Ukrainian company with a Boston-area office. Given the venture funding environment, 2015 was a respectable, thought not stellar, year for venture funded medical device startups in New England.

Read on to access the list.

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List of Active Healthcare Venture Capital Investors – 2015 Q4

nypl.digitalcollections.510d47df-f191-a3d9-e040-e00a18064a99.001.gNo question – 2015 was a really busy year for me. So, it’s been more than 12 months since I updated my list of healthcare venture firms that have raised new funds.  I finally found some time this weekend.

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New England Venture Funded Medical Device Startup List 2014 Q4


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The New England medical device startup community is an amazing innovation ecosystem, producing great products and great companies over several decades. New startups are the lifeblood of that ecosystem, so I’ve been tracking first-time venture financing of medical device companies in New England since 2005.

I’m way overdue for an update. You’ll find my 2014 Q4 New England Venture Funded Medical Device Startup List linked below.

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List of Active Healthcare Venture Capital Investors – 2014 Q4

Baby You're a Rich ManAnother year has gone by since I last updated my list of healthcare venture capital funds with money to invest. Better late than never, I guess.

Today, I’m happy to post an updated list, complete through November 2014. Good news: lots of new funds have been (or are being) raised!

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List of Active Healthcare Venture Capital Investors – 2013 Q4

moneyhoney

It’s been almost exactly one year since I updated my list of healthcare venture capital funds with money to invest. I posted updates nine times between late 2010 and late 2012, so a new version is way overdue.

Today, I’m happy to provide an updated list, complete through 2013. While 2013 was no 2003, there are still lots of new funding sources looking to invest in great healthcare startups. Further, Bruce Booth of Atlas Venture predicts that “several other high profile life science funds are ramping up for 2014 fundraises.”

I’ve again included some non-VC firms in the list, as financing can sometimes come as debt, private equity and/or sales-of-future-royalties. I’ve also included some announcements from firms that are no longer investing, as it’s best to identify those firms early.

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Medical Device Venture Funding Trends – Q1 2013

PWCMoneyTree Medical Device Venture Investments 1995-2013The latest quarterly MoneyTree Report was just released, providing some insight into the state of medical device venture funding in the US. I downloaded and plotted the historical trend data for medical device VC investments in the U.S. from Q1 1995 to Q1 2013.  Click on the thumbnails for larger images.

What do the trends tell us?

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Healthcare Venture Capital Fundraising List 2012 Q4

Time Is TightThe glass is half full. I’ve been tracking the fundraising activity of healthcare venture firms for the last few years, and I estimate that there are about 250 VC firms actively investing in healthcare innovation worldwide. In contrast, a list I created ten years ago, at InfraReDx, included about 500 healthcare VC firms. Times are tight in 2013.

Why the drop?

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Healthcare Venture Capital Fundraising List 2012 Q2

 

Sanger Institute and Hinxton Hall, Cambridge, UK
Sanger Institute and Hinxton Hall, Cambridge, UK (Photo credit: Wikipedia)

It’s been several months since I’ve updated my list of “Healthcare VC’s with money to invest,” so I have plenty to report.

I’ve added about 35 new announcements of firms that successfully raised new funds or are actively raising new funds. Most VC firms that are actively raising new funds are simultaneously looking for investment opportunities, so they will be positioned to put their new money to work right away. Definitely consider pitching them.

While there are a few really small funds (under $100M), the majority of healthcare-focused firms seem to target a$150M to $300M fund sizes. A handful of diversified firms have also raised new funds. While diversified firms are typically larger, it’s important to remember that the healthcare portion is just one piece, and may not be bigger than the healthcare-focused funds.

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Healthcare Corporate and Debt Funding Sources

Loans
Loans (Photo credit: zingbot)

If you don’t follow Bruce Booth’s blog Life Sci VC  you should.

Booth, a biotech partner at Atlas Ventures, posted recently on both corporate funding and venture debt. While medical device startups typically think of corporate investors coming in to Series C or later stage deals, Booth wrote that “Corporate VCs are now truly ‘preferred partners’ for [Atlas’s] early stage deals.” Booth also pointed out that “Corporate VC funds have very large implied ‘assets under management’.” He estimated that the fifteen top biotech corporate investors “represent about $2.5B+ worth of ‘traditional’ venture funds by conventional measures of fund ‘size’.

Booth’s post Venture Debt: Under-Appreciated Tool for Building Biotechs teaches similarly valuable lessons. He suggest that the “the debt market in the life sciences is about 10% of the equity market,” and that:

Companies use this debt financing for a variety of things: extend visibility to reach key value inflection (e.g., completion of a clinical study); purchase expense capital equipment; strengthen their balance sheet prior to deal negotiations or IPO; or, expand the pipeline by purchasing new assets or advancing secondary programs, among other things.

If you’ve been following my blog, you know that I try to make it easy for medical device startups to identify potential sources of funding. My list of ‘healthcare venture capitalists with money‘ has been really popular. So today I put together a list of healthcare corporate and debt funding sources.

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New England Medical Device Series A Syndication

It’s been about a year since I published a list of newly venture-funded New England medical device companies, so it’s time for an update (see below). The Series A rate continues to trend at two-per-quarter, despite the purported decrease in the number of active VC’s.

Last year I noted the surprising proportion of diagnostic technologies in the startup list. Over the last four quarters, only one of eight newly-funded startups is developing a diagnostic. That’s more in line with expectations.

This year I’m taking the opportunity to respond to a question from a colleague: Should I syndicate my Series A round or raise funds from a single venture investor?

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