Healthcare is a dynamic industry with a highly competitive environment. Established healthcare companies embrace innovations to advance precision medicine and enter partnerships with new entrants and medtech startups. These initiatives are improving patient outcomes and accessibility and reducing treatment costs.
The emerging generation of health tech startups is demonstrating exceptional promise and potential. A select few of these medtech startups have reached the news column.
CorVista Health is a rising medtech startup based in Toronto, Ontario. It received editor's choices designation as the top medtech startup for 2023 by MedTech Outlook. The CorVista System, designed to diagnose coronary artery disease, received approval from the Food and Drug Administration (FDA) on September 12, 2023. The CorVista System is based on artificial intelligence (AI) algorithms to aid diagnosis at the point of care by providing actionable insights. Moreover, the AI-enabled CorVista system is expected to transform patient experience in low-resource settings.
Tento+ is an AI-enabled software solution provider based in Essex, England, for small- and medium-sized companies looking to make their medical devices more compliant. Tento+ accelerates the design compliance of medical devices in a simple, innovative, and scalable process. It has an integrated test feature, collaboration tool, and personalized regulatory workload checklist. This enables medical device manufacturers to save time and costs and reduce the risk of errors. Moreover, Tento+ announced the launch of a unique generative AI-based dashboard at the Med-Tech Innovation Expo 2023.
Moon Surgical is a medical equipment manufacturer based in Paris. It is one of the fastest growing medtech startups in Europe. Its offerings include AI- and ML-based solutions for minimally invasive and digital surgery. In May 2023, Moon Surgical raised $55.4 million in funding.
Also, it is making significant strides in surgical robotics with its Maestro surgical robot. On September 26, 2023, the Maestro surgical robot was used in the first U.S. clinical procedures at Baptist Health in Jacksonville, Florida. The clinical practice involved sleeve gastrectomy surgery for weight loss.
MediView is an Ohio, U.S.-based digital health startup that leverages augmented reality (AR), remote connectivity, and spatial data computing to offer surgical navigation and telehealth platforms. Using AR, MediView promotes minimally invasive surgery. It provides surgeons an interoperative 3D X-ray holographic visualization, enabling smooth operation. It also tracks surgical instruments and surgical procedures through light-ray guidance. In May 2023, MediView landed $15 million in funding from several big names in the healthcare industry, such as Cleveland Clinic, Mayo, and GE HealthCare.
Based in California, U.S., AliveCor is a healthcare startup focused on cardiological care by leveraging deep learning. The FDA-cleared KardiaMobile device is the world's most clinically validated personal electrocardiogram ECG solution.
On August 15, 2023, Clario, a healthcare research technology company, collaborated with AliveCor. They offer a trial-participant-friendly solution for at-home data collection using the KardiaRx app and KardiaMobile 6L device. This collaboration enables participants to collect medical-grade ECG readings from home, improving recruitment and retention rates for clinical trials. The technology eliminates the need for traditional on-site evaluations, making decentralized and hybrid clinical trial strategies more feasible.
Synchron is a New York, U.S.-based medtech startup leading in developing implantable neural interface technology. The stentrode offered by Synchron is the first commercial implantable brain-computer interface to receive an FDA clearance for human clinical trials. On September 5, 2023, Synchron announced the completion of patient enrollment in the U.S.-based COMMAND trial. The trial focussed on restoring the motor capability of severely paralyzed patients, enabling them to control personal devices with hands-free point-and-click.
Kry is a Stockholm, Sweden-based digital health startup that offers hassle-free video consultations to patients. It provides clinical consultations with verified doctors, nurses, and psychologists. This has enabled access to high quality at scale. Kry integrates primary, secondary, and urgent care in digital and physical settings. With such offerings, patients can connect to the proper care at the earliest. Along with telehealth services, Kry works with partners to customize member journeys with public health systems, which helps in quicker and cost-effective treatment.
On October 3, 2023, Kry integrated 'digi-physical' care to manage severe allergic rhinitis. This program combines targeted hyper-sensitization treatment with self-help advice. The program also aims to reduce hospital admissions and costs associated with severe allergies. The service will first be launched in Stockholm, Sweden, with plans to expand across Europe.
The U.K.-based Isomorphic Labs is a new Alphabet startup and commercial venture centered around novel drug discovery. It aims to enhance drug delivery pathways and efficacy. It leverages AlphaFold 2 technology based on AI for accurate protein structure predictions within the human body.
In January 2023, Isomorphic Labs announced the establishment of its Scientific Advisory Board (SAB). The SAB includes Nobel Prize laureates Jennifer Doudna, David MacMillan, Paul Nurse, and Venki Ramakrishnan. These esteemed advisors would leverage their expertise to guide Isomorphic Labs in scientific, strategic, and bioethical matters as it scales and advances its AI-driven drug discovery technology.
Iktos is a French startup specializing in developing AI solutions applied to medicinal chemistry and new drug design. The company's technology platform enables efficiency and productivity in upstream pharmaceutical research and development. Iktos operates in the early stage of the drug discovery value chain, amping up the process of small molecule discovery. In March 2023, it closed a $16.47 million (€15.5 million) Series A round, backed by Omnes Capital, Debiopharm Group, and M Ventures. t closed a $16.47 million ( €15.5 million) Series A round, backed by Omnes Capital, Debiopharm Group, and M Ventures.
Further, in June 2023, Iktos collaborated with a Japanese Biotech company, Curreio, to advance AI in drug designing. In this partnership, Iktos's generative design tech and Curreio's cryo-EM platform would work together to speed up the design of new preclinical drugs and make them more cost-efficient.
Metagenomi is a California, U.S.-based medtech startup specializing in next-generation gene-editing systems for treating genetic diseases. The company utilizes its proprietary metagenomics platform to create the treatments. Its metagenomics discovery platform lets it quickly find and engineer highly active natural enzymes into precise and efficient genome editing tools.
On May 19, 2023, Metagenomi presented its innovative approaches at the American Society of Gene and Cell Therapy's (ASGCT) Annual Meeting. It introduced a novel type V nuclease, MG29-1, showing high efficiency in editing genes in human cells, mice, and non-human primates. It also explored its metagenomics library at the event, constructing various gene editors and CRISPR-associated transposases (CASTs) for precise gene integration. Moreover, Metagenomi offers a gene editing toolbox that enables rapid screening of guides and nucleases for therapeutic applications.
Conclusion
The aforementioned health tech startups represent a paradigm shift toward a more patient-centric, efficient, and accessible healthcare system. Their focus on areas such as telemedicine, artificial intelligence, personalized medicine, and digital health solutions holds the promise of transforming healthcare from a reactive to a proactive and preventive model.
In the coming years, these startups will continue to inspire, disrupt, and lead the way toward a future where healthcare is not just a service but a right accessible to all.
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