Synoste Oy, an Espoo, Finland medical device company, raised €2.2M in Series A financing.
The funding was raised from existing investors High-Tech Gründerfonds (HTGF), Finnvera, Lifeline Ventures, Mectalent Oy and existing business angels as well as new investors Metsola Ventures, and Mr Petri Pöyhönen. In addition the company has received € 1.0M European Eurostars grant.
Synoste intends to use the capital to fund clinical trials needed for regulatory approval (CE Mark) for sale of their first product in Europe.
Led by CEO and co-founder Harri Hallila and Director of Business Development Michael Piccirillo, Synoste is developing patient friendly implants for the correction of skeletal deformations. Its proprietary technology will act as a platform for a range of long and short bone, spinal, and craniomaxilofacial applications. The proprietary technology was developed at Aalto University in Espoo and ORTON Orthopaedic Hospital.