Health tech start-up ConnectedH has raised $2.3 million in seed funding led by Kalaari Capital and Incubate Fund India. The funding round also saw participation from Anicut Capital & other angel investors like Kunal Shah (Cred), Gaurav Munjal & Roman Saini (Unacademy), Farid Ahsan (Sharechat), Asish Mohapatra & Ruchi Kalra (OfBusiness), Mars Shot Ventures, and others.
Existing investors First Cheque and Point One Capital also participated in the round. ConnectedH plans to utilise the fresh funds to expand their product portfolio, invest in technology, and expand its presence in Delhi/NCR Region.
Founded in 2018 by Shubham Gupta, Rahul Kumar (Both IIT Kanpur Alumni), and Suresh Singh (IIM Bangalore Alumni), ConnectedH is a full stack enabler for diagnostic centres helping them focus on testing while taking care of all other aspects. The start-up provides solutions like CRM, online reports and on-demand phlebotomists to the diagnostics partners helping them extend their options along with online booking and online reports.
Commenting on the investment, the founders stated, “Diagnostics sector has been insulated from all the tech advancements over the past decade. However, with growing competition and increasing patient expectations, there is an organic shift to adopt tech solutions. We grew 10X over the past year and this round will help us accelerate our efforts to create a technology-driven platform for diagnostics.”
There are over 100,000 diagnostics centres in India out of which only 15% or less are operating in the organized market (Dr Lal, Thyrocare, SRL). On the other side, more than 85% of the diagnostic centres lie in the unorganized diagnostics market, facing myriad levels of challenges ranging from lack of technology, retrograded operations with the inability to serve home collection demands and virtually non-existent patient relationships with very poor customer experience. ConnectedH is democratizing access to new age tech solutions for individual diagnostic centres and empowering them to provide quality experience to their patients with minimal investments. Round led by Kalaari Capital .
CinCor Pharma, Inc. (“CinCor”) today announced the completion of a $143 million Series B financing. The proceeds from this round will support the continued development of CIN-107, a highly selective, oral small molecule inhibitor of aldosterone synthase product candidate in development for the treatment of hypertension, primary aldosteronism and chronic kidney disease. The new funding will enable completion of the ongoing brigHTN Phase 2 clinical trial in patients with resistant hypertension as well as the ongoing Phase 2 Spark trial in hypertensive individuals with primary aldosteronism; in addition, it will support initiation of two new trials, a Phase 2 clinical trial (HALO) in patients with uncontrolled hypertension and a study of CIN-107’s impact on blood pressure and kidney function in patients with chronic kidney disease (CKD).
The financing was led by General Atlantic, a leading global growth equity firm, with participation from new investors Perceptive Advisors, BVF Partners, venBio Partners, Adage Capital Management, Omega Funds, Rock Springs Capital, RTW Investments, Lilly Asia Ventures, and Sixty Degree Capital, alongside existing investors Sofinnova Investments, Sofinnova Partners, 5AM Ventures and CinRx. Jason Pitts, Ph.D., Vice President at General Atlantic, will join CinCor’s Board of Directors.
“This financing will enable us to obtain the data that we hope will establish that aldosterone synthesis inhibition is a potent approach to lowering blood pressure in several patient groups, including individuals with hypertension demonstrated to be resistant to existing treatment options,” said Marc de Garidel, Chief Executive Officer of CinCor Pharma. “In addition, it will enable us to continue to obtain data that may expand the potential utility of CIN-107 into other indications including primary aldosteronism and CKD. We welcome our new high-quality investors to CinCor Pharma and Jason to the Board.”
Dr. Pitts added, “There has been little innovation in the treatment of hypertension in the past several decades, along with a lack of incorporating targeted approaches seen in other fields. Currently, a large portion of hypertensive patients still do not reach treatment goals, increasing their risk of heart attack and stroke alongside more slowly developing conditions. By using a precision approach to target indications and patient populations where aldosterone is likely a primary driver of disease, CIN-107 has the potential to be a significant innovation for patients with difficult-to-treat cardiovascular conditions. We look forward to working with the company as they continue to advance in the clinic.”
Sofinnova Partners, a leading European Early-Stage Healthcare VC Fund based in Paris, London and Milan, announced today the close of its latest early-stage healthcare venture capital fund, Sofinnova Capital X, oversubscribed at €472 ($548) million. This brings the total amount the VC has raised to €1 billion in the last 12 months across its multi-fund platform, and the total AUM to over €2.5 billion. Capital X, the 10th iteration of Sofinnova Partners’ flagship fund, is the largest healthcare fund dedicated to early-stage investments and company creation in Europe.
Sofinnova Capital X will invest in the most promising biopharmaceutical and medical device start-ups that address pressing unmet clinical needs and aim to transform patients’ lives. In keeping with the current strategy, the team will source and create value across a portfolio of groundbreaking innovations in healthcare, supporting entrepreneurs globally in the creation and growth of their companies.
Capital X was successfully raised with institutional investors including pension funds, insurance companies, foundations, endowments, corporate investors, and prominent family offices from across Europe, Asia, and North America. The Fund welcomed back existing investors and attracted new blue chip limited partners, reflecting sustained confidence in the firm’s capacity to generate strong financial returns.
Antoine Papiernik, Managing Partner and Chairman of Sofinnova Partners, leading Early-Stage Healthcare VC Fund, said: “The close of Capital X, significantly oversubscribed and raised in record time, comes at a pivotal moment as the importance of healthcare innovation has become exceedingly clear to all. The fact we have been able to raise €1 billion across our platform over the past 12 months is a tribute to our investors and their conviction in our ability to bolster our leading position in Europe.”
Henrijette Richter, Managing Partner of Sofinnova Partners, said: “We are thrilled to have raised the largest fund dedicated to early-stage healthcare investments in Europe. This is an important milestone for Sofinnova Partners. Capital X will allow us to leverage over 30 years of cumulative experience perfecting this strategy. We now have more capital than ever to support leading entrepreneurs as they launch new companies to develop groundbreaking therapies that have the potential to change peoples’ lives.”
SPR Therapeutics, a private medical device company focused on providing patients with pain relief without opioids or surgery, announced today it has raised $37 million in an oversubscribed Series D growth equity financing. The investment will be used to accelerate the rapidly growing commercial uptake of its FDA-cleared SPRINT® Peripheral Nerve Stimulation (PNS) System, to fund additional clinical research, and to advance next generation technology.
SPR’s SPRINT PNS System is a 60-day treatment, designed to be used early in the care continuum to provide significant and sustained pain relief and improvement in quality of life. In the past year, the pace of SPRINT PNS System use has more than doubled, having now treated over 6,500 patients.
SPR is a leader in PNS, with the largest body of clinical evidence and over 200 issued and pending patents. Multi-center clinical trials demonstrate clinically significant improvements in pain, function and quality of life, and reduced opioid use, compared to placebo, in the treatment of chronic and acute pain. These studies have generated more than 30 peer-reviewed publications to date supporting its use in low back pain, shoulder pain, knee pain, and neuropathic pain in amputees.
Revelation Partners led the financing with additional investment from River Cities Capital and Mutual Capital Partners.
“We are very pleased to lead this growth financing as SPR fits squarely within our focus on commercial stage healthcare companies with a unique offering in areas of high-growth potential and significant unmet need,” says Scott Halsted, Founder and Managing Partner at Revelation Partners. “This funding will help the company to continue on its strong growth trajectory to provide this treatment to more patients in need.”
“This additional funding will allow us to accelerate the already strong adoption we are seeing of our SPRINT PNS System within the interventional pain management community,” says Maria Bennett, CEO, President and Founder of SPR Therapeutics. “There is clear interest from physicians and patients in avoiding the use of opioids and permanent implants when possible. Our goal is to ensure that all patients have access to our SPRINT System as an effective, non-opioid, treatment.”
SVB Leerink served as exclusive financial advisor to SPR on this transaction. The company’s equity financing has been supplemented with non-dilutive, highly competitive grant and contract funding from Federal agencies.
Cryosa Closes $21.5 Million Series B Funding Round to Advance Minimally Invasive Obstructive Sleep Apnea Treatment – Medical device startup Cryosa completed its Series B funding round, raising $21.5 million to continue development of its therapies for obstructive sleep apnea (OSA).
The round was led by life sciences firm Solas BioVentures, with additional funding from Series A investors which include life sciences firm Santé Ventures, global technology and med-tech company HOYA Corporation, and additional investors. The funding will be used to continue first-in-human clinical trials.
“We are focused on developing a treatment for the root cause of sleep apnea, providing ear, nose and throat physicians a novel therapy that does not require an implant or daily compliance from the patient,” said Dr. Donald Gonzales, Cryosa founder and chief medical officer.
“With the momentum of this funding round, we’re in a strong position to expand into our next phase of safety and efficacy clinical trials,” said Mark Christopherson, Cryosa president and CEO.
An estimated 24 million people in the U.S. and 425 million people around the globe have moderate to severe OSAi. Cryosa was founded to focus on novel treatments for this disorder and is led by an experienced team of entrepreneurs, engineers and professionals from medical device startups and large med-tech companies.
“There is a lack of available OSA treatments that are both minimally invasive and effective. The device that Cryosa is developing has the potential to help millions of people with this disorder,” said Dr. David Adair, co-founder and managing director of Solas BioVentures.
About Cryosa : Cryosa is a medical device company focused on developing breakthrough, minimally invasive therapies for obstructive sleep apnea (OSA) that do not require daily patient compliance. Driven by an experienced medical device team of successful startup entrepreneurs and large med-tech engineers and professionals, the company is based in Minnesota’s Medical Alley.
LDV Capital – the only venture capital firm with a thesis of investing in people building businesses powered by visual technologies, announced it raised its third fund with $24M. LDV invests at the earliest stages of businesses including seed, pre-seed and often invests in deep tech teams at the prototype stage.
“IPOs of Snap, Pinterest, Zoom, Roblox and valuable exits like Instagram, YouTube, Ring, and many others show that businesses powered by visual technologies are creating significant value for investors,” says LDV Capital’s Founder and General Partner Evan Nisselson, a renowned thought leader in the visual tech space for over 25 years. “These successes are the tip of the iceberg in regards to business opportunities for visual technologies to solve problems, entertain, increase efficiencies, make money, and hopefully improve the world that we live in.”
LDV Capital’s third fund investors include international fund-of-funds, an endowment, a sovereign wealth fund, family offices, entrepreneurs, deep tech experts and employees of Fortune 500 companies.
“LDV Capital was our first investor in Mapillary which was acquired by Facebook in 2020,” says serial entrepreneur and computer vision expert Jan Erik Solem, a co-founder of Mapillary, an LDV Expert in Residence, and LDV investor. “They were a tremendous value add to our Mapillary team from our first prototype to our acquisition by Facebook. Their visual technology focus, strong conviction, exceptionally strong network and hands-on collaboration make them great investors and I highly recommend them to fellow entrepreneurs.”
The firm was founded by Evan Nisselson in 2012 after building four visual technology startups over 18 years in Silicon Valley, New York, and Europe.
Abigail Hunter-Syed joined LDV Capital in February 2017 as Director of Operations and Platform. Two years later, she was promoted to VP of Operations and in 2020, to Partner.
“We invest across all enterprise and consumer verticals where visual tech has the most potential to improve businesses and, hopefully, our world. There are tremendous opportunities for visual tech across healthcare, security, manufacturing, agriculture, entertainment, logistics, transportation, and more. I’m highly interested in the ways visual tech is powering the democratization of content creation and driving global connectivity,” says Abigail Hunter-Syed, Partner at LDV Capital. Her monthly Women Leading Visual Tech interview series showcase researchers, technologists, investors and inventors whose work in visual tech is reshaping business and society.
Peter Stern joined the team in February 2020 as a Venture Partner. He is a serial entrepreneur who co-founded Datek Online then sold it in a multi-Billion dollar merger to form the second-largest brokerage firm in 2003. He was also the founder of Zenbe which sold to Facebook and an executive at other technology businesses. He used to build LiDAR devices in his basement and for the military. He is also the current CEO of Voyant Photonics – an LDV portfolio company that creates the next generation of chip-scale LiDAR.
Irish-German 4D cardiac imaging startup OneProjects today announced $8 million in Series A2 funding and two grants totaling $9 million.
The company will use the new funds to complete product development, conduct clinical trials, gain FDA clearance and prepare for U.S. commercialization of the first product developed from its proprietary 4D cardiac imaging platform, Verafeye.
The Series A2 financing was led by imec.xpand, with participation from the European Innovation Council (EIC) Fund and existing investors LSP and Atlantic Bridge Ventures, which led the startup’s Series A1 funding in 2020.
OneProjects said it secured a $6 million grant from the Irish government’s Disruptive Technologies Innovation Fund and a $3 million grant from the EIC Accelerator.
OneProjects aims to improve catheter ablation treatment of atrial fibrillation (AFib) and other cardiac arrhythmias. It also envisions one day use its technology to benefit structural heart procedures. Verafeye uses a catheter-based sensor, advanced imaging and machine learning to capture 360°, high-resolution live imagery of the beating heart and determine where tissue has been fully ablated.
A single catheter ablation procedure can eliminate persistent atrial fibrillation in roughly 50% of cases while the success rate for paroxysmal atrial fibrillation is somewhat higher, according to University of Michigan Health. Some patients require multiple ablation procedures.
OneProjects CEO Fionn Lahart said his company can enhance catheter ablation outcomes by providing better information to physicians. “Our 4D imaging platform improves upon currently available imaging by providing high-precision navigation, procedural planning pre-ablation and expansive real-time imagery of the heart and tissue during the procedure,” Lahart said in a statement.
The company also believes that its proprietary cardiac imaging technology has potential beyond AFib. The technology could “improve any cardiac procedure that can benefit from precise navigation, detailed 4D anatomical imaging and tissue assessment within the heart,” Lahart continued.
Lahart founded OneProjects with co-founder and Chief Technology Officer Christoph Hennersperger in 2017. The company is based in Dublin, Ireland, and Munich, Germany.
Aglaia Therapeutics, a biotechnology startup developing promising new therapies that can overcome resistance to current targeted therapies in cancer patients, today announces the successful completion of a €4M ($4.7M) seed funding round. Advent France Biotechnology (AFB) led the round, with the participation of Crédit Mutuel Innovation and Pierre Fabre. AFB also acted as co-founder, with Alejo Chorny, current operating partner at AFB, now appointed chief operating officer (COO) of Aglaia Tx. Leading European cancer centers Institut Curie and Gustave Roussy participated in the creation of the company.
The proceeds of the funding will be used to prepare the preclinical development program required to identify the first candidate. Aglaia Tx aims to develop promising new oncology therapies with the goal of delivering best- and first- in class drugs that can restore sensitivity to current targeted therapies in cancer patients that became resistant to these treatments. The company established a pipeline of small molecules in oncology targeting the initiation of mRNA translation.
While targeted therapies have clearly improved cancer patient outcomes, global efficacy of these treatments decreases over time, with patients rapidly developing resistance to therapies. Moreover, even with therapies that lead to a complete response, small populations of cancer cells often survive treatments, driving cancer relapse, which remains one of the most challenging obstacles to effective treatments.
“Our goal is to dramatically improve the standard of care in cancer patients; by restoring sensitivity and avoiding resistance to current targeted therapies. We have assembled a strong team of drug developers, scientists and investors,” said Alejo Chorny, COO of Aglaia Therapeutics. “With this seed investment, Aglaia Therapeutics is extremely well positioned to advance its preclinical programs in the coming years and select its first innovative program.”
“Aglaia Tx is a good example of our entrepreneur-investor approach and we firmly believe that its work opens up the possibility of tackling relapses, one of the main unmet medical needs in cancer treatment today,” said Matthieu Coutet, managing partner at AFB. “We are thrilled to bring together two leading European cancer institutes, Gustave Roussy and Institut Curie; to collaborate on this unique startup creation aimed at overcoming resistance in oncology targeted therapies.”
A collaboration between Aglaia Therapeutics, Gustave Roussy, Institut Curie and the University of Strasbourg, for the validation of targets involved in certain types of cancer, will allow the startup to keep working with the research and clinical teams of Pr Caroline Robert, Dr Stéphan Vagner and Dr Laurent Desaubry.
Aglaia Tx is founded on the basis of years of collaborative scientific work performed by Pr Caroline Robert, head of the dermatology department at Gustave Roussy Cancer Campus (France), Dr Stéphan Vagner, head of the CNRS UMR3348 / Inserm U1278 Unit at Institut Curie (France) and Dr Laurent Desaubry, CNRS research director at the University of Strasbourg (France) who are co-founders of the startup.
While Dr Vagner had been studying mRNA translation for many years, Pr Robert quickly identified the potential medical applications of such a theme. This initial work has shown that many pathways of resistance to current targeted therapies in cancer patients converge on the activation of mRNA translation by the eIF4F complex. EIF4FA, an RNA helicase, is one of the three proteins that compose the eIF4F complex, essential for the cap-dependent translation initiation of many oncogenic proteins. The abnormal activity of this complex, observed in many cancers, leads to the synthesis of proteins involved in tumor growth and metastasis. In addition, the selective translation of cellular mRNAs, controlled by the eIF4F complex, also contributes to the resistance to cancer treatments such as targeted therapies and checkpoint inhibitors.
It is the identification of the importance of the mRNA translation regulation process in cancer progression and resistance to treatments that has led to the development of new therapies targeting this process in a cancer context.
Numan, a European digital platform for men’s health, has raised USD40 million in a series B funding round to fuel its expansion and meet the growing demand for digital health services.
The round was led by White Star Capital, with participation from existing investors Novator, Vostok New Global, Anthemis Exponential and Colle Capital, and new investor Hanwha Dream Fund.
Offering an entirely digital service, Numan provides men with treatment for erectile dysfunction, premature ejaculation, hair loss, gut and lung health, and nutritional deficiencies. Blood tests for general health ‘MOTs’, which aid in determining the causes of conditions such as erectile dysfunction, are also a popular service that does not necessitate in-person appointments.
A ‘grower’ as much as a ‘shower’, the company stands for a more comprehensive movement to ‘help men – and all that know them – live healthier, happier lives’, alongside their core business goals. Since its inception, Numan has helped hundreds of thousands of men across the UK, with the business growing organically and via two strategic acquisitions in the UK and Sweden.
With its $40m funding package, Numan is expanding the therapeutic areas it covers, pursuing its mission to become a holistic health partner for men. The company will also use the funds to fuel international expansion.
Sexual health can be a difficult subject for men to tackle, with significant stigma attached to issues such as erectile dysfunction. Digital services help to mitigate feelings of shame or embarrassment around sensitive health concerns by offering a level of privacy that is not possible through the more traditional option of seeing a GP. The convenience factor of online consultations also holds true in light of the Covid-19 crisis, wherein digital and private healthcare have become the preferred options for many.
Numan works as a subscription service for healthcare treatments, allowing for medication and other products to be discreetly delivered to your door rather than requiring a pharmacy trip. All patients have ongoing access to a team of clinicians that are on hand to help and inform them to make the best decisions for their health. Numan is also regulated by the Care Quality Commission as a registered healthcare provider.
Sokratis Papafloratos, CEO & founder, Numan, says: ‘We started Numan three years ago to help men take better care of themselves. Since then we’ve had a positive impact on the lives of hundreds of thousands of men in the UK, and have been humbled and inspired by the response that the Numan offering has had. This funding is a significant milestone on our journey to help millions of men be healthier. White Star Capital is one of the best investors in our space, and I’m delighted to be working together along with a wider team of brilliant investors. We now have the team, product, technology, and investor base to accelerate Numan’s growth and fulfil the potential of our vision.’
Imophoron, the developer of a novel, next generation rapid-response vaccine platform, ADDomer(TM), to combat present and future infectious diseases, announces it has secured GBP 4 million in an oversubscribed fundraising round.
The round was co-led by Science Creates Ventures and Octopus Ventures, alongside Jonathan Milner. This investment also included follow-on investment from business angels that participated in the Seed funding round which was completed in January, 2019.
“The recent COVID-19 pandemic has shown the strength in the industry’s ability to generate vaccines within record times. However, there are still considerable improvements to be made with these vaccines in their delivery, efficacy and manufacturing,” said Frederic Garzoni, CEO and co-founder, Imophoron. “It has now been demonstrated how a pandemic can not just threaten lives, but our society and economy as we know it. Imophoron is developing its ADDomer vaccine platform with Disease X capability – the ability to develop a new candidate against a pandemic within 5 weeks – and also against numerous other infectious diseases. Now we have demonstrated this capability, we will build on this promising data to take our first candidates towards the clinic.”
Imophoron has completed its work resulting from the Seed financing. This involved demonstrating Imophoron’s ability to rapidly generate vaccine candidates with its ADDomer platform against a range of different diseases. Imophoron has successfully demonstrated a vaccine generation method suitable for pandemics by generating a COVID vaccine candidate within a 5-week period. This COVID vaccine has been shown in preclinical models to induce strong immune responses against COVID. The vaccine has also demonstrated the potential to not just prevent disease progression in diseases such as COVID, but, critically, to break transmission. In addition, this vaccine can be delivered by a variety of administrative routes, including intranasal, intravenousand intramuscular. This alleviates the need for a professional medic to administer vaccines, which reduces the cost and complexity of pandemic vaccine programs. Finally, Imophoron has devised a cost effective and simple manufacturing strategy and demonstrated a thermostability of its own vaccine candidates, unlike, for instance, the sub-temperature storage of alternative vaccines including those that are mRNA based. Imophoron’s vaccine candidates would therefore allow global distribution with no cold chain whatsoever.
Imophoron will use its funding capital to continue development of itsself-assembling protein sub-units: ADDomers, the core of its platform used to create its vaccines. Imophoron will demonstrate the safety and efficacy, including immune response, in animal models of ADDomer vaccines in three viruses: lead candidate RSV, Chikungunya and COVID-19. This specifically involves: pre-clinical efficacy, immunogenicity and safety packages for regulatory interactions for RSV; manufacturing research batches of material for pre-clinical studies and establishment of cell lines and cell banks. With regard to COVID and Chikungunya, Imophoron will design and select potential candidates, and complete pre-clinical efficacy studies. Finally, Imophoron will design and implement a scale-up manufacturing strategy, and perform all necessary toxicology assays.
The funding development will take its ADDomer portfolio to the pre-IND stage. Imophoron then intends to enter the clinical stage of ADDomer development by means of a Series A fundraising round. In addition, Imophoron will continue to work within grant and government support frameworks.
Sam Olof, General Partner, Science Creates Ventures, said: “There is a vital need for vaccines for a range of diseases globally. The current pandemic has provided a demonstration of how diseases can impact society by affecting not only public health but also impacting global economies, financial markets and changing work practices. Investment in organisations developing vaccines such as Imophoron is vital for the development of vaccine platforms that can quickly produce protection for a range of diseases, and enable the world to prepare itself to better manage the diseases of today and tomorrow.”
Luke Hakes, Partner, Octopus Ventures said: “The last 18 months have taught us all how important vaccines are when responding to infectious diseases. Though we have made incredible strides in the speed of vaccine development and deployment, the need for cold chain storage in particular has created huge logistical challenges. What is exciting about Imophoron is that it helps further accelerate our ability to tackle future outbreaks. Its novel platform not only reduces the time taken for vaccine candidate generation but also drastically improves our ability to deploy and administer these lifesaving treatments, massively reducing the dependence on medical professionals and helping to address the global imbalance in vaccine availability.”