SYNOSTE raises EUR 5.1 million
Finnish medical device company SYNOSTE has raised over five million euros to support the launch of its patented smart skeletal deformation correction technology.
The funding was provided by early-stage investor Lifeline Ventures, as well as by investment fund AO Invest, which is backed by the AO Foundation, the world’s largest community and network of musculoskeletal surgeons and scientists.
The Finnish company will use the funding to initiate clinical investigations and develop further applications of its patented technology platform, which provides a basis for new treatments of congenital, trauma- and tumour-related limb discrepancies, adult and paediatric deformities, and craniomaxillofacial deformations.
“We are excited to gain funding from two complimentary groups – Lifeline’s forward-thinking mindset and strong entrepreneurial experience combined with AO’s expertise and access to a global network of our target surgeons will empower our development of an expanded portfolio of cutting-edge solutions and enable us to transition them into clinical practice faster,” says Harri Hallila, managing director and co-founder of SYNOSTE.
SYNOSTE is an Aalto University spin-off that raised significant funding in 2015 in its first Series A financing round. The latest funding from Lifeline and AO Investment has brought the total equity invested in the Finnish company up to 10 million euros.