Synoste, a Düsseldorf, Germany and Helsinki, Finland-based medical technology startup, raised a Series A venture capital funding in the single-digit million euro range.
Backers included Evonik, High-Tech Gründerfonds, Finnvera and Lifeline Ventures as well as Finnish business angels.
The company intends to use the funds to
Founded in 2012 by Harri Hallila, CEO, Synoste is a spin-off of the Aalto University in Espoo (Finland) that has developed a high-tech implant for a minimally invasive treatment of leg length discrepancy, which can lead to chronic back pain and osteoarthritis in the long term.
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The implant, developed together with Orton, a hospital specialized in orthopedics and located in Helsinki, is expected to be launched in the market in 2017 with the name NitinailTM.
Currently, the product is heading to the CE approval procedure that is a prerequisite for the sale of medical technology applications in Europe.