Synoste, a medical technology spinout of Aalto University, has raised an undisclosed amount in its series A round backed by investors including Germany-based public-private VC firm High-Tech Gründerfonds.
The round also featured chemical company Evonik, Finnish government-owned export credit agency Finnvera, VC firm Lifeline Ventures and assorted Finnish business angels.
Although the precise amount has not been disclosed, Synoste revealed the deal was in the “single digit million euro range” (€1m = $1.1m).
Synoste was founded in 2007 by three engineering students from Aalto University. It works to tackle the problems associated with bone deformities such as scoliosis and limb length discrepancy.
The company creates full weight bearing devices that combine smart materials, which contract and expand in predictable ways when heated and cooled, with wireless technology, which allows implanted devices to send feedback about positioning and lengthening.
The money will enable Synoste to move forward with its clinical tests and to develop its European sales centre.
In May 2015, the company raised €1.2m in a series A round from High-Tech Gründerfonds, Lifeline Ventures, Finnvera and investment firm Metsola Ventures. It also raised €2.8m in a funding round in 2013 from High-Tech Gründerfonds, Finnvera and Lifeline Ventures.
Harri Hallila, chief executive and co-founder of Synoste, said: “We are happy to have found a strategic partner in Evonik, who is supporting us in this important phase with its material competence.”
