Synoste Oy, a Helsinki, Finland and Düsseldorf, Germany-based medical device company, closed an up to €2.8m funding round.
Synoste has raised a seed round of €0.8m to advance the development of its first product aimed at the limb lengthening market, which can be increased of up to €1.2m upon reaching certain milestones.
The round was co-led by High-Tech Gründerfonds (HTGF), Finnvera and Lifeline Ventures with participation from Tekes – the Finnish Funding Agency for Technology and Innovation (which provided additional €1.6m) and existing business angels.
The company intends to use the funds to finalize prototype and advance into pre-clinical development.
Led by CEO and co-founder Harri Hallila, Synoste is building implantable devices based on proprietary technology platform developed at Aalto University in Espoo and ORTON Orthopaedic Hospital. It allows the implantation of the device in a routine procedure thus securing the correct extraction by a magnet field via a home care unit preventing daily hospital visits.