2026 MedTech Connect Top Investors
Which investors are best for MedTech founders? That's a critical question when you're designing your fundraising strategy. For the inaugural 2026 year, I tried to collect as much public data as I could and evaluate VCs (and other investors, like accelerators) across several different criteria.
As explained below, we ranked each investor by their 2025 results. The numbers aren't perfect, because these investments are private by default. Not every investor wants public attention.
Let me know if you think we've made a mistake or can share better data.
Scope & methodology
- Geography: United States (primary headquarters or primary investing activity)
- Year: 2025 calendar year
- Definition of MedTech: Medical devices, diagnostics, digital health technologies (explicitly excluding biotech/pharma therapeutics)
- Sources: Public reporting from CNBC, TechCrunch, Rock Health, PitchBook/Crunchbase summaries, IPO filings, and firm disclosures. All sources are numbered and listed in the Appendix.
- Caveat: Private-market data is imperfect. Dollar amounts and counts reflect best-available public estimates and clearly cited sources. Caveat emptor.
1. Ranked by Total MedTech Capital Invested (2025)
These firms deployed the most capital in 2025. Keep in mind that larger numbers often imply more investments at later stages, not a larger number of investments.
Figures represent total equity round sizes where the firm was named lead or co-lead; venture debt tranches led by other firms are excluded. Individual firm commitments are not publicly disclosed. Firms may have led additional rounds not documented here.
| Rank | Firm | Capital in Rounds Led/Co-led (2025) | Sources |
|---|---|---|---|
| 1 | General Catalyst | ~$839M | [9][10][11][44][45][46] |
| 2 | Andreessen Horowitz | ~$583M+ | [7][8][47] |
| 3 | GV (Google Ventures) | ~$410M | [5][6] |
| 4 | Kleiner Perkins | ~$351M+ | [3][5] |
| 5 | Redpoint Ventures | ~$328M+ | [15][53] |
| 6 | Khosla Ventures | ~$315M | [7][54][55] |
| 7 | New Enterprise Associates (NEA) | ~$309M+ | [12][52] |
| 8 | Oak HC/FT | ~$303M+ | [8][48] |
2. Ranked by Number of MedTech Exits (IPOs or Acquisitions, 2025)
If you want a big, publicly announced exit, these are the firms that delivered on that in 2025.
| Rank | Firm | MedTech Exits (2025) | Sources |
|---|---|---|---|
| 1 | U.S. Venture Partners | 4 (HeartFlow + Omada + Carlsmed + Shoulder Innovations) | [18][19][20][64] |
| 2 (tie) | Bain Capital Life Sciences | 2 (HeartFlow + Kestra Medical) | [18][21] |
| 2 (tie) | Omega Funds | 2 (Beta Bionics + Kestra Medical) | [63][21] |
| 2 (tie) | Norwest Venture Partners | 2 (Omada Health + BillionToOne) | [19][65] |
| 5 (tie) | Insight Partners | 1 (Hinge Health) | [22] |
| 5 (tie) | Andreessen Horowitz | 1 (Omada Health) | [19] |
| 5 (tie) | Sixth Street Partners | 1 (Caris Life Sciences) | [23] |
| 5 (tie) | Y Combinator | 1 (BillionToOne) | [65] |
3. Ranked by Cumulative Value of MedTech Exits (2025)
This list ranks firms by the dollar value of their exits.
Valuations use IPO pricing-date or first-day market cap unless noted. Kestra Medical uses Dec 2025 market cap ($1.4B) as shares appreciated significantly from IPO pricing (~$810M).
| Rank | Firm | Cumulative Exit Value | Calculation | Sources |
|---|---|---|---|---|
| 1 | Sixth Street Partners | ~$5.9B | Caris Life Sciences ($5.9B) | [23] |
| 2 | U.S. Venture Partners | ~$4.1B | HeartFlow ($2.3B) + Omada ($1.1B) + Carlsmed ($0.4B) + Shoulder Innovations ($0.3B) | [18][19][20][64] |
| 3 | Norwest Venture Partners | ~$3.8B | BillionToOne ($2.7B) + Omada Health ($1.1B) | [65][19] |
| 4 | Bain Capital Life Sciences | ~$3.7B | HeartFlow ($2.3B) + Kestra Medical ($1.4B) | [18][21] |
| 5 | Insight Partners | ~$2.6–3.0B | Hinge Health ($2.6B at pricing; exceeded $3B after first-day trading) | [22] |
| 6 | Y Combinator | ~$2.7B | BillionToOne ($2.7B) | [65] |
| 7 | Omega Funds | ~$2.1B | Kestra Medical ($1.4B) + Beta Bionics ($0.7B) | [21][63] |
| 8 | Andreessen Horowitz | ~$1.1B | Omada Health ($1.1B) | [19] |
4. Ranked by Percentage of Investments Focused on MedTech (2025)
Investors bring not only money, but also expertise. This list attempts to rank investment firms by their focus on MedTech.
| Rank | Firm | % of Investments in MedTech | Sources |
|---|---|---|---|
| 1 | Vensana Capital | ~100% | [24] |
| 2 | Catalyst Health Ventures | ~100% | [25] |
| 3 | 7wire Ventures | ~100% | [26] |
| 4 | ShangBay Capital | ~80–90% | [27] |
| 5 | BioVentures MedTech Funds | ~100% | [28] |
| 6 | Accelmed | ~100% | [29] |
| 7 | Flare Capital Partners | ~100% (health IT) | [30] |
| 8 | Action Potential VC | ~100% | [31] |
| 9 | MedTech Innovator | ~100% (accelerator) | [32] |
| 10 | Define Ventures | ~100% (digital health) | [36] |
| 11 | Oak HC/FT | ~75% (healthcare; remainder fintech) | [14][72] |
| 12 | NEA | ~35–40% (healthcare practice) | [74] |
| 13 | GV (Google Ventures) | ~33% (healthcare/life sciences) | [73] |
5. Ranked by Number of Seed-Stage MedTech Investments (2025)
Over the past several years, many investment firms have been focused on investing in later stage companies. Founders looking for their first round of funding should focus on firms with a track record of investing at seed stage.
| Rank | Investor | Estimated Seed-Stage MedTech Deals | Sources |
|---|---|---|---|
| 1 | MedTech Innovator | 64 (2025 cohort) | [32] |
| 2 | Jumpstart Foundry | 10–15/quarter | [35] |
| 3 | StartUp Health | ~30/year (est.) | [34] |
| 4 | Y Combinator | ~20+ | [33] |
| 5 | Define Ventures | Multiple | [36] |
| 6 | Precursor Ventures | High volume | [37] |
| 7 | Plug and Play Tech Center | Multiple | [38] |
| 8 | Dreamit Healthtech | ~5–7/year | [39] |
6. Ranked by Number of MedTech Rounds Led (2025)
As Sal Braico noted, "if you don't have a lead, you don't have anything.". It's an unfortunate fact that many investing firms avoid taking the lead investor role, especially when they're uncertain of the outcome. This list ranks firms for their track record of leading the investment process.
Counts confirmed lead or co-lead positions from public reporting. Firms typically participated in additional rounds where they were not named lead. Full deal-count data requires PitchBook or Crunchbase databases.
| Rank | Lead Investor | Rounds Led | Investments Led | Key Partner(s) | Sources |
|---|---|---|---|---|---|
| 1 | General Catalyst | 6 | Judi Health (co-led), Commure, Aidoc (co-led), Sprinter Health, Eyebot, WellTheory | Holly Maloney; Caitlin Donovan; Candace Richardson | [9][10][11][44][45][46] |
| 2 | Andreessen Horowitz (a16z) | 3 | Abridge, Ambience Healthcare (co-led), Slingshot AI | David George; Julie Yoo; Vijay Pande | [7][8][47] |
| 3 (tie) | GV (Google Ventures) | 2 | OpenEvidence (Ser B, co-led), OpenEvidence (Ser C) | Sangeen Zeb | [5][6] |
| 3 (tie) | IVP | 2 | Abridge (Ser D, co-led), Tennr | Somesh Dash; Zeya Yang | [49][16] |
| 3 (tie) | Kleiner Perkins | 2 | Hippocratic AI, OpenEvidence (Ser B, co-led) | Mamoon Hamid | [3][5] |
| 3 (tie) | Sequoia Capital | 2 | OpenEvidence (Ser A), Freed | Pat Grady; Josephine Chen | [50][51] |
| 3 (tie) | NEA | 2 | Strive Health, Elion | Mohamad Makhzoumi | [12][52] |
| 3 (tie) | Redpoint Ventures | 2 | Function Health, Valerie Health | Elliot Geidt; Meera Clark | [15][53] |
| 3 (tie) | Khosla Ventures | 2 | Somnee, Radical Health | Vinod Khosla | [54][55] |
| 3 (tie) | Lightspeed Venture Partners | 2 | Neko Health, Frontera Health (co-led) | Bejul Somaia; Galym Imanbayev | [56][57] |
| 3 (tie) | Oak HC/FT | 2 | Ambience Healthcare (co-led), Akido Labs | Vig Chandramouli; Andrew Adams | [8][48] |
Notable single-round leaders (2025): B Capital Group (Innovaccer $275M Ser F [58]), Janus Henderson (Kardium $250M Ser C [59]), Double Point Ventures (Synchron $200M Ser D [17]), FTV Capital (DUOS $130M Growth [60]), Avenir Growth (Hippocratic AI $126M Ser C [4]), KKR (Qventus $105M Ser D [61]), Sofreh Capital (Tala Health $100M Seed [62]).
7. Additional Observations (2025)
- Record funding year: U.S. digital health startup funding reached $14.2B across 482 deals — the highest since 2022 and a 35% increase over 2024. Mega-deals ($100M+) accounted for 42% of all funding [2]. Total healthcare sector investment reached $46.8B, with AI accounting for 46% [40].
- Three "Goliath" investors: Rock Health identified Andreessen Horowitz, General Catalyst, and Kleiner Perkins as the dominant investors of 2025, each participating in 5+ mega-deals. When a16z and/or GC participated, average deal sizes were significantly larger [2].
- M&A surge: MedTech M&A deal value reached $97.6B in 2025, led by Abbott/Exact Sciences (~$21B equity value), Blackstone-TPG/Hologic ($18.3B take-private), and Waters/BD Biosciences ($17.5B merger) [41].
- IPO recovery: 2025 saw 13 medtech/digital health IPOs raising over $8.5B combined (Rock Health counts five as "digital health"; the broader figure here includes medical devices and diagnostics) — a sharp rebound from the 2022–2024 drought. Medline Industries' $6.26B offering was the largest U.S. IPO of any sector in 2025 [66].
| Company | Ticker | IPO Date | Documented Pre-IPO Investors | Sources |
|---|---|---|---|---|
| Beta Bionics | BBNX | Jan 30 | Wellington Mgmt (Ser E lead), Sands Capital, Omega Funds (Ser D co-leads), Perceptive Advisors, Eventide Asset Mgmt, Novo Nordisk | [63] |
| Kestra Medical | KMTS | Mar 6 | Bain Capital Life Sciences (founding investor; 52.8% post-IPO), Endeavour Vision, Andera Partners, Ally Bridge, Longitude Capital, Omega Funds | [21] |
| Hinge Health | HNGE | May 22 | Insight Partners (19% post-IPO), Atomico (15%), Coatue, Tiger Global (Ser D co-leads), Bessemer VP | [22] |
| Omada Health | OMDA | Jun 6 | USVP (9.9%), a16z (9.6%), Revelation Partners (9.0%), Fidelity (Ser E lead; 8.5%), NEA (seed), Norwest VP, Cigna Ventures | [19] |
| Caris Life Sciences | CAI | Jun 18 | Sixth Street Partners (Ser D lead), Highland Capital, Coatue, T. Rowe Price, OrbiMed, Silver Lake, CPP Investments, Fidelity | [23] |
| CapsoVision | CV | Jul 2 | Not publicly disclosed ($118M raised across 14 pre-IPO rounds) | [67] |
| Carlsmed | CARL | Jul 23 | B Capital (Ser B lead; Ser C co-lead), USVP (Ser A; Ser C co-lead), Cove Fund, Wavemaker Three-Sixty Health (seed), The Vertical Group | [20] |
| Shoulder Innovations | SI | Jul 31 | USVP (14.6%; Ser E lead), Gilde Healthcare (11.3%), Aperture VP (11.6%), Gilmartin Capital (11.6%), Arboretum Ventures, Fidelity (convertible notes) | [64] |
| HeartFlow | HTFL | Aug 8 | Bain Capital Life Sciences (14.6%; Ser F lead), Wellington Mgmt (5.7%), Baillie Gifford (3.5%), USVP (Ser C), Liberty Strategic Capital (Ser D lead), Janus Henderson | [18] |
| Picard Medical | PMI | Aug 29 | Hunniwell Picard I LLC (54.8% post-IPO) | [68] |
| BillionToOne | BLLN | Nov 6 | Premji Invest (Ser D lead), Norwest VP, Y Combinator (seed), Baillie Gifford, Hummingbird Ventures, Neuberger Berman | [65] |
| Regentis Biomaterials | RGNT | Dec 4 | Net Capital Ventures, Generali Insurance Asset Mgmt, Haisco Pharmaceutical, Crossroad FCP (Israel-based; $10M raised) | [69] |
| Medline Industries | MDLN | Dec 17 | Blackstone, Carlyle Group, Hellman & Friedman (PE consortium; took Medline private in 2021 for ~$34B) | [66] |
- Exit leadership: U.S. Venture Partners had the highest number of confirmed MedTech VC-backed exits in 2025 (HeartFlow, Omada, Carlsmed, Shoulder Innovations) [18][19][20][64], while Sixth Street Partners had the single largest exit by value (Caris Life Sciences at $5.9B) [23].
- Down-round dynamics: Hinge Health's IPO at ~$2.6B represented a significant markdown from its $6.2B private valuation, reflecting broader digital health valuation corrections [22].
- AI dominance: AI-enabled startups captured 62% of digital health funding in H1 2025 [70]. The largest rounds (Abridge, Ambience, OpenEvidence, Hippocratic AI, Commure) were all AI-driven [2][40].
- OpenEvidence — breakout company of 2025: The AI-powered medical search platform raised ~$485M across three rounds in 2025 (Series A–C), growing from a $1B to $6B valuation. Investors included Sequoia, GV, Kleiner Perkins, Thrive Capital, Coatue, and Blackstone [50][5][6].
- Corporate VCs rising: NVIDIA's NVentures was among the most active corporate VCs in healthcare AI, participating in Aidoc's $150M round [10] and Hippocratic AI's Series B and C [3][4]. Boston Scientific led 4C Medical's $175M round and converted two portfolio companies (Bolt Medical, SoniVie) into acquisitions [71]. At least five of the top ten medtech companies by revenue now have active corporate venture arms.
- Seed vs growth bifurcation: Specialized funds (Vensana, ShangBay, Catalyst Health Ventures) dominate early technical MedTech [24][27][25], while generalist mega-funds dominate late-stage digital health [2].
Appendix: Sources
Funding rounds
[1] (Excluded from rankings — Ōura is classified as consumer wellness, not medtech.) Ōura $900M Series E (Oct 14, 2025). Led by Fidelity Management & Research; participants included ICONIQ Capital, Whale Rock, and Atreides. Valued Ōura at $11B, up from $5.2B in Dec 2024. TechCrunch: https://techcrunch.com/2025/10/14/smart-ring-maker-oura-raises-900m-from-fidelity/ · CNBC: https://www.cnbc.com/2025/10/14/oura-ringmaker-valuation-fundraise.html
[2] Rock Health 2025 Year-End Digital Health Funding Report. U.S. digital health funding totaled $14.2B across 482 deals (up 35% from 2024). Mega-deals ($100M+) = 42% of all funding. Named a16z, General Catalyst, and Kleiner Perkins the three "Goliath" investors, each participating in 5+ mega-deals. Direct quotes: "US digital health startups raised $14.2B across 482 deals in 2025"; "Mega deals ... represented 42% of total funding"; "a16z, General Catalyst, and Kleiner Perkins are the three Goliaths." Rock Health: https://rockhealth.com/insights/2025-year-end-digital-health-funding-overview-a-tale-of-two-markets/
[3] Hippocratic AI $141M Series B (Jan 9, 2025). Led by Kleiner Perkins at $1.64B valuation. Participants included General Catalyst, a16z, NVentures. Generative AI agents for non-diagnostic healthcare tasks. Direct quote: "announced its $141 million Series B financing round led by Kleiner Perkins at a valuation of $1.64 billion." BusinessWire: https://www.businesswire.com/news/home/20250109643850/en/ · Fierce Healthcare: https://www.fiercehealthcare.com/ai-and-machine-learning/hippocratic-ai-banks-141m-series-b-hits-unicorn-status-it-rolls-out-ai
[4] Hippocratic AI $126M Series C (Nov 3, 2025). Led by Avenir Growth at $3.5B valuation. Participants included General Catalyst, Kleiner Perkins, CapitalG, a16z. Total funding reached $404M. Direct quote: "announced a $126 million Series C financing round led by Avenir ... values the company at $3.5 billion." BusinessWire: https://www.businesswire.com/news/home/20251103432446/en/
[5] OpenEvidence $210M Series B (Jul 2025). Co-led by GV and Kleiner Perkins; participants included Coatue, Thrive Capital. AI-powered medical search platform for physicians. Valued at $3.5B. Direct quotes: "Google-backed OpenEvidence raises $210 million at $3.5 billion valuation"; "co-led by Google Ventures and Kleiner Perkins." PYMNTS: https://www.pymnts.com/healthcare/2025/google-backed-openevidence-raises-210-million-dollars-ai-powered-medical-search-platform/
[6] OpenEvidence $200M Series C (Oct 2025). Led by GV; participants included Sequoia, Kleiner Perkins, Blackstone, Thrive Capital, Coatue. Valued at $6B (source appears to contain a valuation typo). Direct quote: "closed a $200 million funding round led by Google Ventures ... at a current valuation of $6.5 million." SiliconANGLE: https://siliconangle.com/2025/10/20/medical-search-engine-startup-openevidence-closes-200m-investment-led-gv/
[7] Abridge $300M Series E (Jun 2025). Led by a16z (David George, GP) and Khosla Ventures. Valued at $5.3B. AI-powered ambient clinical documentation platform. Direct quote: "Abridge has scooped up $300 million in a series E funding round ... co-led by Andreessen Horowitz and Khosla Ventures ... valuing the company at $5.3 billion." Fierce Healthcare: https://www.fiercehealthcare.com/ai-and-machine-learning/ambient-ai-startup-abridge-scores-300m-series-e-backed-a16z-and-khosla
[8] Ambience Healthcare $243M Series C (Jul 2025). Co-led by Oak HC/FT (Vig Chandramouli, Partner) and a16z (Julie Yoo, GP) at $1.25B valuation. AI clinical documentation and coding platform for health systems. Kleiner Perkins also participated. Direct quote: "Ambient AI startup Ambience Healthcare has raised $243 million in a series C financing round co-led by Andreessen Horowitz and Oak HC/FT." Fierce Healthcare: https://www.fiercehealthcare.com/health-tech/ambience-banks-243m-series-c-investors-continue-bet-big-ambient-ai
[9] Commure $200M growth financing (2025). Led by General Catalyst (CVF). AI-powered revenue cycle management platform. Direct quote: "Commure Raises $200M in Growth Financing from General Catalyst's CVF." Commure: https://www.commure.com/press-releases/commure-raises-200m-in-growth-financing-from-general-catalysts-cvf-to-accelerate-ai-powered-rcm-platform
[10] Aidoc $150M (2025). Led by General Catalyst and Square Peg; NVentures (NVIDIA) participated. Clinical AI foundation model (CARE) for clinical decision-making across 100M+ patients. Direct quote: "Aidoc has landed $150 million ... backed by General Catalyst ... and Nvidia's venture arm NVentures." Fierce Healthcare: https://www.fiercehealthcare.com/health-tech/clinical-ai-company-aidoc-lands-150m-backed-general-catalyst-nvidias-venture-arm
[11] Judi Health (fka Capital Rx) $400M (Sep 2025). Co-led by Wellington Management and General Catalyst (Holly Maloney, Managing Director) at $3.25B valuation. AI-powered health benefits platform. Direct quote: "announces a $400 million fundraise ... co-led by Wellington Management and General Catalyst ... valued at $3.25 billion." PR Newswire: https://www.prnewswire.com/news-releases/capital-rx-announces-funding-round-of-400m-to-accelerate-ai-powered-health-benefits-platform-rebrands-as-judi-health-to-reflect-expansion-beyond-pharmacy-302563763.html
[12] Strive Health $550M Series D (Sep 2025). Led by NEA (Mohamad Makhzoumi, Co-CEO; $300M equity component + $250M debt). Valued at $1.8B. Value-based kidney care platform. Participants included CapitalG, CVS Health Ventures, Redpoint Ventures. Direct quotes: "raised $300 million in equity and $250 million in debt financing"; "The equity financing was led by New Enterprise Associates (NEA)." Strive Health: https://strivehealth.com/news/strive-health-raises-550-million-in-series-d-funding/
[13] SetPoint Medical $140M Series D (Aug 2025). Co-led by Elevage Medical Technologies and Ally Bridge Group. NEA participated. Neuromodulation implant for rheumatoid arthritis, FDA-approved. SetPoint Medical: https://setpointmedical.com/setpoint-medical-raises-140-million-in-private-financing-and-expands-leadership-team-to-support-commercialization-strategy-for-rheumatoid-arthritis-therapy/
[14] Oak HC/FT Fund V closed at $1.94B. Dedicated healthcare and fintech fund. Oak HC/FT: https://www.oakhcft.com/news/oak-hc-ft-closes-fifth-fund-at-1-94-billion-continuing-our-legacy-while-investing-in-the-future
[15] Function Health $298M Series B (Nov 19, 2025). Led by Redpoint Ventures at $2.5B valuation. Lab testing and whole-body health insights platform (Medical Intelligence). Participants included a16z, Battery Ventures. Direct quote: "Function Health closes $298M Series B at a $2.5B valuation." TechCrunch: https://techcrunch.com/2025/11/19/function-health-closes-298m-series-b-at-a-2-5b-valuation-launches-medical-intelligence/
[16] Tennr $101M Series C (Jun 2025). Led by IVP at $605M valuation. AI-powered patient referral automation. Participants included GV, ICONIQ, a16z, Lightspeed. Fortune: https://fortune.com/2025/06/18/tennr-health-tech-ai-patient-referral-ivp-a16z-lightspeed-iconiq-series-c/
[17] Synchron $200M Series D (Nov 2025). Led by Double Point Ventures. Brain-computer interface (BCI) technology. Participants included ARCH Ventures, Khosla Ventures, Bezos Expeditions, QIA, K5 Global. Total funding: $345M. MedTech Dive: https://www.medtechdive.com/news/synchron-funding-bci-200m/804977/
IPOs and exits
[18] HeartFlow IPO (Aug 8, 2025, NASDAQ: HTFL). Priced at $19/share; raised $316.7M (upsized to $364M with greenshoe). Valued at $2.27B. Shares surged 47.4% on day one. Key investors: Bain Capital Life Sciences (led Series F), U.S. Venture Partners (since Series C). Direct quote (Reuters syndication): "Heartflow's stock surged as much as 47.4% ... giving the company a valuation of $2.27 billion on a fully diluted basis." Reuters via Yahoo Finance: https://finance.yahoo.com/news/bain-capital-backed-heartflow-valued-170534995.html · Reuters via TradingView: https://www.tradingview.com/news/reuters.com,2025:newsml_L4N3UP1T3:0-bain-capital-backed-heartflow-valued-at-2-27-billion-in-u-s-ipo/
[19] Omada Health IPO (Jun 6, 2025, NASDAQ: OMDA). Priced at $19/share; raised ~$150M. Valued at ~$1.1B. Opened at $23 (21% above offer). Key investors: USVP (9.9% at IPO, led Series A), a16z (9.6% at IPO, led Series B). Direct quotes: "opened at $23 each, 21% above its initial public offering price of $19"; "valuing the company at around $1.1 billion." TechCrunch: https://techcrunch.com/2025/06/06/omada-health-ipo-signals-healthier-market-avoids-down-round-trend/ · CNBC: https://www.cnbc.com/2025/06/06/omada-shares-open-at-23-in-nasdaq-debut-after-companys-ipo.html
[20] Carlsmed IPO (Jul 23, 2025, NASDAQ: CARL). Priced at $15/share; raised $100.5M. Implied valuation ~$398M. AI-enabled personalized spine surgery. Key investors: B Capital and USVP co-led Series C ($52.5M). Direct quotes: "shares offered: 6,700,000 at $15.00 = $100,500,000"; "US Venture Partners and B Capital Group ... co-led this financing round." IPOScoop: https://www.iposcoop.com/ipo/carlsmed/ · BusinessWire (Series C): https://www.businesswire.com/news/home/20240318820510/en/
[21] Kestra Medical IPO (Mar 6, 2025, NASDAQ: KMTS). Priced at $17/share; raised ~$202M (upsized). AI-based wearable cardioverter defibrillator. Bain Capital retained 52.8% post-IPO ownership. Market cap reached ~$1.4B by Dec 2025. Direct quotes: "announces closing of upsized initial public offering and full exercise of underwriters' option"; "offering consists of 11,887,500 common shares at a public offering price of $17.00 per share." Kestra IR: https://investors.kestramedical.com/news-releases/news-release-details/kestra-medical-technologies-ltd-announces-closing-upsized
[22] Hinge Health IPO (May 22, 2025, NYSE: HNGE). Priced at $32/share (top of range); raised $437M. Valued at ~$2.6B at pricing; exceeded $3B after first-day close at $37.56 (+17%). Significant down-round from $6.2B private valuation (Oct 2021). Insight Partners held ~19% voting power (largest shareholder, investor since Series B in 2018). Direct quotes: "priced its IPO at $32 per share"; "Hinge Health pops 17% but joins ... down-round IPOs." CNBC: https://www.cnbc.com/2025/05/21/hinge-health-prices-ipo-at-32-the-top-end-of-expected-range.html · TechCrunch: https://techcrunch.com/2025/05/22/hinge-health-pops-17-but-joins-growing-ranks-of-down-round-ipos/
[23] Caris Life Sciences IPO (Jun 18, 2025, NASDAQ: CAI). Priced at $21/share; raised $494M. Valued at ~$5.9B. Molecular diagnostics / precision oncology. Sixth Street Partners led $830M growth round in 2021. Direct quote (Reuters syndication): "Caris raised $494 million by selling shares at $21 ... giving the company a valuation of about $5.9 billion"; "Sixth Street had led Caris' $830 million fundraising round in 2021." Yahoo Finance: https://finance.yahoo.com/news/sixth-street-backed-caris-life-112745993.html · Reuters via ForexTV: https://www.forextv.com/top-news/sixth-street-backed-caris-life-sciences-valued-at-5-9-billion-in-u-s-ipo/
Firm profiles (Table 4)
[24] Vensana Capital. Dedicated medtech fund spun out of Versant Ventures in 2019. ~$1B AUM across three funds ($225M Fund I, $325M Fund II, $425M Fund III closed Jan 2025). Invests exclusively in devices, diagnostics, data science, digital health. 20+ portfolio companies, 6 exits totaling ~$3B. Website: https://www.vensanacap.com/ · Fund III announcement: https://www.businesswire.com/news/home/20250109546243/en/
[25] Catalyst Health Ventures. Founded 2008, Boston. Exclusively invests in early-stage therapeutic devices, diagnostics, and digital health. Won Healthcare Fund of the Year (NEVY Awards 2019). Website: https://chv.vc/
[26] 7wire Ventures. Founded 2011, Chicago. Exclusively focused on consumer-centered digital health ("Informed Connected Health Consumer"). $500M+ AUM including $217M GO Fund (2023). Website: https://7wireventures.com/
[27] ShangBay Capital. Founded 2015, Palo Alto. Invests in "nearly, but not all medtechs" per MedTech Strategist — primarily medtech with selective biotech/life sciences investments. ~$200M raised, 50+ companies. Ranked #1 most active medical device investor (SVB 2023). Website: https://www.shangbaycapital.com/ · MedTech Strategist: https://www.mystrategist.com/medtech-strategist/article/shangbay_capitals_focus_on_medtech.html
[28] BioVentures MedTech Funds. Founded 1998, Massachusetts. Exclusively invests in medical devices and diagnostics. $150M+ AUM across four funds. 28 medtech transactions in the last decade, 20 successfully exited. Website: https://www.bioventuresinvestors.com/
[29] Accelmed. Miami (Israeli-founded). Health tech PE/growth: devices, diagnostics, digital health, tech-enabled services. $630M+ AUM. Targets commercial-stage companies ($20M–$70M revenue). Website: https://accelmed.com/
[30] Flare Capital Partners. Founded 2014, Boston. Exclusively healthcare technology — health IT, enterprise SaaS, digital health platforms, care delivery models. ~$1B AUM across three funds ($350M Fund III, 2022). Focused on enterprise software/platforms rather than devices or diagnostics. Website: https://flarecapital.com/
[31] Action Potential VC. Founded 2013 by GSK as a $50M bioelectronic medicine/neuromodulation device fund. Spun out of GSK in Dec 2025 as "Synapse Fund" (backed by SR One and Revelation Partners). Website: https://www.actionpotentialvc.com/
[72] Oak HC/FT healthcare allocation. Per PSERS (Pennsylvania public pension) Board Resolution 2025-69 for Oak HC/FT Partners VI: "75% of capital allocated towards healthcare deals and the remainder in fintech." Fund VI pursues a similar strategy to previous Oak HC/FT funds. PSERS: https://www.pa.gov/content/dam/copapwp-pagov/en/psers/documents/board3/resolutions/2025/2025-69%20PSERB%20Resolution%20Oak%20HC_FT%20Partners%20VI,%20L.P..pdf
[73] GV healthcare allocation. "Health tech and life sciences startups now make up a third of GV's portfolio" per interview with GV General Partner. GV has a dedicated healthcare/life sciences team investing across AI healthcare, diagnostics, and therapeutics. Fierce Healthcare: https://www.fiercehealthcare.com/health-tech/gvs-newest-general-partner-psychiatrist-and-investor-wants-place-big-bets-healthcare
[74] NEA healthcare practice. NEA invests "across a broad range of technology and healthcare sectors" from $6.2B raised across two funds (2023). Dedicated healthcare practice led by Co-CEO Mohamad Makhzoumi. Healthcare has historically comprised ~35–40% of NEA's investment activity by deal count, though no official percentage is published. PR Newswire: https://www.prnewswire.com/news-releases/nea-closes-on-two-funds-totaling-6-2-billion-301731367.html
Seed-stage investors (Table 5)
[32] MedTech Innovator 2025 cohort. 64 startups selected (top 4% of ~1,500 applicants). Largest medtech-specific accelerator globally. Partners with major strategic acquirers. Cohort page: https://medtechinnovator.org/2025cohort/ · BusinessWire: https://www.businesswire.com/news/home/20250605284592/en/
[33] Y Combinator 2025 batches. YC ran four batches in 2025 (W25, X25, S25, F25). W25 alone included ~15–17 health/biotech companies per batch analyses. Total health/medtech startups across all four 2025 batches estimated at 20+. YC directory: https://www.ycombinator.com/companies
[34] StartUp Health. 330+ portfolio companies (per firm; Tracxn: 307). 2 unicorns (Cityblock, Virta). 33 acquisitions. Primarily early-stage focus. Website: https://www.startuphealth.com/
[35] Jumpstart Foundry. Nashville-based healthcare seed specialist. 187 portfolio companies; 110 seed investments total. Invests in 10–15 companies per quarter from 400+ applications. Website: https://jsf.co/
[36] Define Ventures. Silicon Valley. ~$800M AUM ($460M raised across two new funds in 2023). Dedicated digital health VC: incubation, seed, Series A/B. Notable portfolio: Hims & Hers (NYSE: HIMS), Livongo, Unite Us. Fierce Healthcare: https://www.fiercehealthcare.com/digital-health/define-ventures-raises-460m-invest-early-stage-digital-health-startups
[37] Precursor Ventures. Founded 2015, San Francisco. Listed on NFX Signal's "Top Digital Health Seed Investors" ranking (of 3,882 digital health seed investors). Generalist seed fund with significant healthcare allocation. $500K average check size. NFX Signal: https://signal.nfx.com/investor-lists/top-digital-health-seed-investors
[38] Plug and Play Tech Center. Health accelerator programs across Silicon Valley, Indianapolis (Lifetech, 12 startups in inaugural 2025 batch), Orlando, UK, and APAC. Partners with 30+ healthcare corporates including Cleveland Clinic, J&J, Roche. Website: https://www.plugandplaytechcenter.com/industries/health
[39] Dreamit Healthtech. 55+ investments (~84% health tech, ~87% seed). 320+ companies since 2008. Exits include Tissue Analytics (acquired by Net Health), Eko Devices. Programs include Customer Sprints and Investor Sprints. Website: https://www.dreamit.com/healthtech
Market reports
[40] SVB 17th Healthcare Investments & Exits Report (2025). Total healthcare sector investment: $46.8B. AI accounted for 46% of total healthcare investment. Note: SVB data covers through Oct 31, 2025; full calendar-year figures may differ slightly. Direct quotes: "AI healthcare companies represented 46% of total spending"; "overall investment in the healthcare sector was $46.8B in 2025"; "the report captures data through October 2025." SVB report hub: https://www.svb.com/trends-insights/reports/healthcare-investments-and-exits/ · SVB release: https://www.svb.com/news/company-news/ai-investment-accounted-for-nearly-half-of-healthcare-investment-in-2025-silicon-valley-bank-releases-17th-healthcare-investments-and-exits-report/
[41] PwC Medtech US Deals 2026 Outlook & MassDevice. MedTech M&A deal value reached $97.6B in 2025 (PwC). Top deals: Abbott/Exact Sciences (~$21B equity value), Blackstone-TPG/Hologic (up to $18.3B incl. CVR), Waters/BD Biosciences ($17.5B). Direct quotes: "The medtech M&A market improved in 2025, with transaction value rising to $97.6 billion from 2024's $58.2 billion." "Abbott to acquire Exact Sciences – $21B." "Hologic to be acquired by private equity – $18.3B." "BD sells off Biosciences & Diagnostic Solutions biz – $17.5B." PwC: https://www.pwc.com/us/en/industries/health-industries/library/medtech-deals-outlook.html · MassDevice: https://www.massdevice.com/medtech-biggest-deals-of-2025/
[42] Healthcare Brew — Top 20 Healthcare Funding Rounds of 2025. Lists the 20 largest rounds by size, from Ōura ($900M) through Tennr ($101M). Healthcare Brew: https://www.healthcare-brew.com/stories/2025/12/11/top-20-healthcare-funding-rounds-2025
[43] Bain & Company — Global Healthcare PE Report 2026. Healthcare PE hit a record $191B in disclosed deal value in 2025. Medtech deal value nearly doubled YoY to ~$33B across ~88 deals. 30+ sponsor-to-sponsor deals exceeded $1B. Bain: https://www.bain.com/insights/healthcare-private-equity-market-2025-global-healthcare-private-equity-report-2026/
[70] Rock Health H1 2025 Digital Health Funding Overview: "Proof in the Pudding." AI-enabled startups captured a majority (62%) of digital health venture funding in H1 2025 — the first time AI-enabled companies took more than half of all digital health funding. Direct quote: "AI-enabled startups captured a majority (62%) of digital health venture funding in H1 2025." Rock Health: https://rockhealth.com/insights/h1-2025-market-overview-proof-in-the-pudding/
Lead investor deals (Table 6)
[44] Sprinter Health $55M Series B (May 2025). Led by General Catalyst. At-home healthcare services platform offering lab draws, vitals, and chronic care management in patients' homes. Participants included a16z, GV, Accel. Direct quote: "Sprinter Health raises $55M to expand its at-home healthcare service." TechCrunch: https://techcrunch.com/2025/05/15/sprinter-health-raises-55m-to-expand-its-at-home-healthcare-service/
[45] Eyebot $20M Series A (Aug 2025). Led by General Catalyst (Caitlin Donovan, Partner). AI-powered autonomous vision screening platform expanding access to eye exams. Direct quote: "Eyebot raises $20 million Series A led by General Catalyst." PR Newswire: https://www.prnewswire.com/news-releases/eyebot-raises-20-million-series-a-led-by-general-catalyst-to-expand-access-to-vision-care-302536988.html
[46] WellTheory $14M Series A (Oct 2025). Led by General Catalyst (Candace Richardson; Holly Maloney). Autoimmune care platform connecting patients with certified health coaches and personalized protocols. Participants included Accel, 7wire Ventures. Direct quote: "WellTheory ... announced a $14 million Series A financing round led by General Catalyst." BusinessWire: https://www.businesswire.com/news/home/20251014695952/en/WellTheory-Raises-$14M-to-Build-the-Category-Leader-in-Autoimmune-Care
[47] Slingshot AI $40M+ Series A (2025; extended to $93M total). Led by a16z Bio + Health (Vijay Pande, joined board; Daisy Wolf). AI-powered mental health therapy platform; described as "the world's first foundation model for psychology." Product: Ash, a deeply personalized therapy chatbot. Co-founded by Neil Parikh (Casper co-founder) and Daniel Cahn. Extension co-led by Radical Ventures and Forerunner Ventures. a16z: https://a16z.com/announcement/investing-in-slingshot-ai/ · Behavioral Health Business: https://bhbusiness.com/2025/07/22/with-93m-raised-slingshot-slingshot-ai-debuts-ai-powered-therapy-service/
[48] Akido Labs $60M Series B (May 2025). Led by Oak HC/FT (Andrew Adams, Co-Founder & Managing Partner). ScopeAI platform providing AI-powered clinical decision support for health systems. Participants included Greco, SNR, Y Combinator. Direct quote: "announced a $60 million Series B funding round led by Oak HC/FT." BusinessWire: https://www.businesswire.com/news/home/20250515102298/en/Akido-Raises-$60-Million-Series-B-to-Expand-Reach-of-ScopeAI-its-Breakthrough-Health-Artificial-Intelligence
[49] Abridge $250M Series D (Feb 2025). Co-led by IVP (Somesh Dash, GP) and Elad Gil. Valued at $2.75B. AI-powered ambient clinical documentation platform. Back-to-back mega-round — followed by $300M Series E in June 2025 [7]. Fortune: https://fortune.com/2025/02/17/exclusive-abridge-raises-250-million-series-d-led-by-elad-gil-and-ivp/
[50] OpenEvidence $75M Series A (Feb 2025). Led by Sequoia Capital (Pat Grady). AI-powered medical search platform for physicians. Valued at $1B. First institutional investor in OpenEvidence; the company went on to raise $410M across two additional rounds in 2025 (Series B [5] and C [6]). CNBC: https://www.cnbc.com/2025/02/19/ai-startup-openevidence-secures-sequoia-funding-1-billion-valuation.html
[51] Freed $30M Series A (Mar 2025). Led by Sequoia Capital (Josephine Chen, Partner). AI-powered clinical documentation assistant automating medical notes for 17,000+ clinicians across ~100 specialties. Participants included Scale Venture Partners. Direct quote: "Freed Secures $30M Series A Led by Sequoia Capital." BusinessWire: https://www.businesswire.com/news/home/20250305397400/en/Freed-Secures-$30M-Series-A-Led-by-Sequoia-Capital-to-Free-Clinicians-from-Administrative-Burdens-with-AI-Assistant
[52] Elion $9.3M Seed (Aug 2025). Led by NEA. AI-powered healthcare technology procurement and intelligence platform used by 60%+ of U.S. health systems. Investing partners: Mohamad Makhzoumi (Co-CEO) and Michael Li (Principal). Participants: Cedars-Sinai Health Ventures, TMV, Scrub Capital. Direct quote: "Elion ... announced it has raised $9.3 million in seed funding led by New Enterprise Associates (NEA)." BusinessWire: https://www.businesswire.com/news/home/20250806359832/en/Elion-Raises-$9.3M-for-Healthcare-AI-Research-and-Intelligence-Platform
[53] Valerie Health $30M Series A (Dec 2025). Led by Redpoint Ventures. AI front-office platform for physician practices. Investing partner: Meera Clark, Partner. Fortune: https://fortune.com/2025/12/16/valerie-health-raises-30-million-series-a-to-scale-ai-front-offices-for-physicians/
[54] Somnee (StimScience) $10M Seed Extension (Jun 2025). Led by Khosla Ventures. AI-powered neurotech sleep wearable headband. Founded by sleep researcher Dr. Matt Walker (UC Berkeley). Participants: TIME Ventures (Benioff), LEAD VC, DeVos family (Orlando Magic ownership). Direct quote: "announced a $10M seed extension led by Khosla Ventures." BusinessWire: https://www.businesswire.com/news/home/20250610843209/en/Somnee-Secures-$10M-to-Revolutionize-Sleep-with-New-AI-Powered-Neurotech-Sleep-Wearables
[55] Radical Health $5M Pre-seed (Dec 2025). Led by Khosla Ventures; Protagonist participated. AI-powered precision oncology platform ("AI Oncologist") for personalized cancer care. Built on data from UCSF and Mayo Clinic (10M+ cases). Founded by Simone Korsgaard Jensen via Entrepreneurs First. Fortune: https://fortune.com/2025/12/04/khosla-ventures-backed-radical-health-stealth-seed-ai-personalize-cancer-care/
[56] Neko Health $260M Series B (Jan 2025). Led by Lightspeed Venture Partners. Full-body scanning technology for preventive health. Valued at $1.8B. Investing partner: Bejul Somaia, Partner (joined board). Co-founded by Spotify's Daniel Ek. Direct quote: "Neko ... snaps up $260M at a $1.8B valuation." TechCrunch: https://techcrunch.com/2025/01/22/neko-the-body-scanning-startup-co-founded-by-spotifys-daniel-ek-snaps-up-260m-at-a-1-8b-valuation/
[57] Frontera Health $32M Seed (Feb 2025). Co-led by Lux Capital (Bilal Zuberi) and Lightspeed Venture Partners (Galym Imanbayev, MD). AI-enabled autism care platform using multi-modal digital phenotyping to analyze therapeutic sessions at 30fps. Participants: Menlo Ventures, Inspired Capital. Founded by Amol Deshpande (former Kleiner Perkins partner). Direct quote: "Frontera launches with $32M in seed funding co-led by Lux Capital and Lightspeed Venture Partners." MobiHealthNews: https://www.mobihealthnews.com/news/frontera-launches-32m-seed-funding
[58] Innovaccer $275M Series F (Jan 2025). Led by B Capital Group. Valued at $3.45B. AI-powered healthcare data platform. Participants: M12 (Microsoft), Danaher Ventures, Kaiser Permanente, Generation IM. Direct quote: "Innovaccer aims to become healthcare's AI powerhouse with $275M Series F." TechCrunch: https://techcrunch.com/2025/01/09/innovaccer-aims-to-become-healthcares-ai-powerhouse-with-275m-series-f/
[59] Kardium $250M Series C (Jul 2025). Led by Janus Henderson Investors. Pulsed field ablation device for atrial fibrillation treatment. CA$340M total. Direct quote: "announced a US$250 million (CA$340 million) financing round led by Janus Henderson Investors." BusinessWire: https://www.businesswire.com/news/home/20250702483891/en/Kardium-Announces-$250M-CA$340M-Financing-to-Launch-Innovative-Atrial-Fibrillation-Treatment
[60] DUOS $130M Strategic Growth (Oct 2025). Led by FTV Capital. Health benefits platform serving Medicare Advantage members. Direct quote: "announced that it secured a $130 million strategic growth investment led by FTV Capital." BusinessWire: https://www.businesswire.com/news/home/20251009440316/en/DUOS-Secures-$130M-Strategic-Growth-Investment-Led-by-FTV-Capital
[61] Qventus $105M Series D (Jan 2025). Led by KKR (Next Gen Tech III Fund). AI-powered hospital operations platform. Announced at JPM Healthcare Conference. Direct quote: "announced it has raised a $105 million Series D funding round led by KKR." BusinessWire: https://www.businesswire.com/news/home/20250113993134/en/Qventus-Announces-$105-Million-Investment-Series-D-Led-by-KKR
[62] Tala Health $100M Seed (Nov 2025). Led by Sofreh Capital (Miami). AI-powered healthcare platform with agentic AI across the patient journey. Valued at $1.2B post-money. Founded by Ritankar Das. Participants: Dr. P. Roy Vagelos (former Merck chairman/CEO). Fortune: https://fortune.com/2025/11/04/tala-health-raises-100-million-seed-round-ritankar-das-holding-company-ai-era/
[71] Boston Scientific corporate venturing (2025). Led 4C Medical's $175M Series D (Mar 2025) for transcatheter mitral valve repair. Also completed acquisitions of two portfolio companies: Bolt Medical (~$600M upfront + $300M milestones; intravascular lithotripsy; closed Mar 2025) and SoniVie (~$360M upfront + $180M milestones; renal denervation; closed May 2025). PR Newswire: https://www.prnewswire.com/news-releases/4c-medical-secures-175m-series-d-preferred-stock-financing-302392195.html · MassDevice: https://www.massdevice.com/boston-scientific-closes-bolt-medical-acquisition/ · https://www.massdevice.com/boston-scientific-completes-sonivie-acquisition/
2025 IPO details (expanded)
[63] Beta Bionics IPO (Jan 30, 2025, NASDAQ: BBNX). Priced at $17/share (upsized); raised $204M. Valued at ~$695M. Automated insulin delivery system (iLet Bionic Pancreas). Key pre-IPO investors: Wellington Management (led $60M Series E, Nov 2024), Sands Capital and Omega Funds (co-led $100M Series D, Aug 2023), Perceptive Advisors and Soleus Capital (co-led $63M Series B2, Jul 2019), Eventide Asset Management (largest institutional holder at IPO), Novo Nordisk (strategic partner). Total pre-IPO funding: ~$349M across 10 rounds. Direct quote: "announced the pricing of its upsized IPO of 12,000,000 shares ... at $17.00 per share." StockTitan: https://www.stocktitan.net/news/BBNX/beta-bionics-announces-pricing-of-upsized-204-million-initial-public-ib4f3rf4hss9.html
[64] Shoulder Innovations IPO (Jul 31, 2025, NYSE: SI). Priced at $15/share (below $19–$21 range); raised $75M. Valued at ~$299M. Shoulder arthroplasty implant systems. Key pre-IPO investors: USVP (14.6% post-IPO; led $40M Series E, Mar 2025), Aperture Venture Partners (11.6%), Gilde Healthcare Partners (11.3%), Gilmartin Capital (11.6%), Arboretum Ventures and Sectoral Asset Management (new investors in Series E). Fidelity Management & Research invested $40M via convertible notes (Jul 2025), converting into ~2.5M shares at IPO. Total raised pre-IPO: ~$139M across 13 rounds. Direct quotes: "announced the closing of a $40 million Series E equity financing, led by U.S. Venture Partners"; "priced at $15.00 ... 5,000,000 shares ... gross proceeds ... $75 million." PR Newswire: https://www.prnewswire.com/news-releases/shoulder-innovations-announces-closing-of-40-million-series-e-equity-financing-302396227.html · IPOScoop: https://www.iposcoop.com/the-ipo-buzz-shoulder-innovations-si-prices-ipo-at-15-far-below-range/
[65] BillionToOne IPO (Nov 6, 2025, NASDAQ: BLLN). Priced at $60/share (upsized; $5 above range); raised $314M (incl. greenshoe). Valued at ~$2.7B at pricing; rose sharply to ~$5.9B within first month. Molecular diagnostics (UNITY prenatal testing, Northstar oncology). Key pre-IPO investors: Premji Invest (led $130M Series D at $1B+ valuation, Jun 2024; Akshay Rai joined board), Norwest VP (Series B, Jun 2021), Y Combinator (seed, 2017), Baillie Gifford, Hummingbird Ventures, Neuberger Berman, Civilization Ventures, Libertus Capital, 500 Global. Direct quotes: "announced the pricing of its upsized initial public offering of 4,550,000 shares ... at $60.00 per share"; "announces $314 million upsized IPO." BillionToOne: https://www.billiontoone.com/news-media/billiontoone-announces-pricing-of-upsized-initial-public-offering · Cooley: https://www.cooley.com/news/coverage/2025/2025-11-07-billiontoone-announces-$314-million-upsized-ipo
[66] Medline Industries IPO (Dec 17, 2025, NASDAQ: MDLN). Priced at $29/share (upsized); raised $6.26B — the largest U.S. IPO of 2025 across all sectors. Valued at ~$37B–$39B at pricing (sources vary by share-count methodology); closed 41% above offer price on day one (~$55B market cap). Medical supplies and distribution. Pre-IPO owners: Blackstone, Carlyle Group, and Hellman & Friedman (PE consortium that took Medline private in 2021 for ~$34B); the Mills family (founders) retained significant stake. Direct quotes: "announced the pricing of its upsized initial public offering of 216,034,482 shares ... at a public offering price of $29.00 per share" and "gross proceeds ... approximately $6.26 billion." "shares rose 41% above their offer price" and "largest U.S. initial public offering since Rivian's 2021 listing." CNBC: https://www.cnbc.com/2025/12/17/medline-debuts-nasdaq-biggest-ipo-2025.html · Medline Newsroom: https://newsroom.medline.com/releases/medline-announces-pricing-upsized-ipo/ · Reuters via Investing: https://www.investing.com/news/stock-market-news/medline-set-for-hotly-anticipated-debut-after-2025s-biggest-ipo-4412408
[67] CapsoVision IPO (Jul 2, 2025, NASDAQ: CV). Priced at $5/share; raised $27.5M. Valued at ~$230M (estimate; not explicitly stated in linked Nasdaq summary). AI-powered capsule endoscopy for GI disease screening. Founded 2005, Saratoga, CA. Total pre-IPO funding: $118M across 14 rounds; specific investor names not publicly disclosed. Direct quote: "closing of its initial public offering of 5,500,000 shares ... at a public offering price of $5.00 per share" and "gross proceeds ... were $27.5 million." Nasdaq: https://www.nasdaq.com/articles/capsovision-inc-successfully-closes-initial-public-offering-raising-275-million · Company release: https://investors.capsovision.com/news-releases/news-release-details/capsovision-announces-closing-initial-public-offering
[68] Picard Medical IPO (Aug 29, 2025, NYSE: PMI). Priced at $4/share; raised $17M. Total artificial heart (SynCardia). Pre-IPO shareholders: Hunniwell Picard I LLC (54.8% post-IPO; VC fund that acquired 85% of SynCardia in Sep 2021), CICH (Beijing) Investment Fund Management Co. The Benchmark Company served as sole bookrunner. Renaissance Capital: https://www.renaissancecapital.com/IPO-Center/News/113081/ · Fierce Biotech: https://www.fiercebiotech.com/medtech/syncardia-artificial-heart-maker-picard-medical-plans-go-public
[69] Regentis Biomaterials IPO (Dec 4, 2025, NYSE American: RGNT). Priced at $8/share (below $10–$12 range); raised $10M. Valued at ~$61M (from pre-IPO midpoint estimate; final IPO priced below that range). Regenerative medicine company (GelrinC hydrogel implant for knee cartilage repair). Israel-based, U.S.-listed. Pre-IPO investors (13 total; $35.1M raised): Net Capital Ventures, Generali Insurance Asset Management, Haisco Pharmaceutical Group, Haisthera Scientific Fund, Crossroad FCP. IPO proceeds to support pivotal trial. Underwriter: ThinkEquity. Direct quotes: "pricing of its initial public offering of 1,250,000 ordinary shares ... at $8.00 per share"; "At the midpoint of the proposed range, Regentis Biomaterials would command a fully diluted market value of $61 million." StockTitan: https://www.stocktitan.net/news/RGNT/regentis-biomaterials-ltd-announces-pricing-of-initial-public-ogwh3v7gqfzo.html · Renaissance Capital: https://www.renaissancecapital.com/IPO-Center/News/109840/Israeli-hydrogel-implant-developer-Regentis-Biomaterials-files-and-sets-ter