Synoste, a Norway-based orthopaedic bone lengthening technology spinout of Aalto University, has been acquired by medical device manufacturer Globus Medical in a deal enabling specialty chemicals producer Evonik to exit.
Founded in 2012, Synoste has created an orthopaedic implant for treating patients with leg length deformities.
The implant is made using malleable polymer materials supplied by Evonik and can be modulated through a wireless device to gently stretch out the bone in the patient’s shorter leg.
Globus will now work with Synoste to further develop its technology.
Synoste last raised €5.1m ($6m) in late 2018 from Lifeline Ventures and AO Invest, a vehicle backed by nonprofit musculoskeletal surgeons’ body AO Foundation, to lift its funding total at the time to $11.7m.
Evonik had supplied an undisclosed sum in 2016 as part of a seven-figure euro (€1m = $1.1m) series A round that included $2.5m raised the previous year from investors including public-private partnership High-Tech Gründerfonds (HTGF).
Export credit agency Finnvera and medical device services provider Mectalent participated in the series A round, which also included $1.2m in grant money through EU-backed scheme Eurostars.
Lifeline Ventures, Metsola Ventures and angel investors including Petri Pöyhönen filled out the transaction.
Synoste had previously raised $1.1m in a 2013 seed round co-led by HTGF, Finnvera and Lifeline Ventures that was anticipated to be increased by up to $1.6m on the fulfilment of certain milestones, according to media reports.
Finnish funding agency Tekes backed the seed round together with unnamed business angels, having also supplied $2.2m of what appeared to have been non-dilutive funding.
Synoste’s other investors include Innovestor Ventures, a subsidiary of venture capital firm Innovestor, and state innovation funding board Business Finland, although it is unclear whether the latter supplied grant funding.

Medical device manufacturer Globus Medical has acquired Synoste, a Norway-based developer of orthopaedic bone lengthening technology, enabling specialty chemical producer Evonik to exit.

Founded in 2012, Synoste has created an orthopaedic implant used to treat patients with leg length deformities. It is made using malleable polymer materials supplied by Evonik and can be modulated through a wireless device to gently stretch out the bone in the patient’s shorter leg.

Globus will now work with Synoste to further develop its technology. It last raised money in late 2018, securing $5.8m from Lifeline Ventures and AO Invest to take its total funding at the time to $11.7m.

Evonik took part in a seven-figure euro (€1m = $1.1m) series A round for the company in 2016 that included $2.5m raised the previous year from medical device services provider Mectalent, High-Tech Gründerfonds (HTGF), Finnvera, Lifeline Ventures, Metsola Ventures and various individuals.

Synoste’s other investors include Innovestor Ventures and Tekes, while HTGF, Finnvera and Lifeline Ventures took part in the series A round as existing backers.

The original version of this article appeared on our sister site, Global University Venturing. Evonik had previously announced the divestment of its stake in Synoste to Globus.