Device player receives significant backing for investigations and applications

A Finnish medical device company has been provided with €5.1 million to start clinical investigations and develop new clinical applications.

Synoste, who create solutions for patient-friendly bone-lengthening and bone-deformation correction, has been given the funding by Lifeline Ventures and AO Invest.

The company’s managing director and co-founder Harri Hallila said: “We are excited to gain funding from two complimentary groups – Lifeline’s forward-thinking mindset and strong entrepreneurial experience combined with AO’s expertise and access to a global network of our target surgeons will empower our development of an expanded portfolio of cutting-edge solutions and enable us to transition them into clinical practice faster.”

The investment from Lifeline and AO means they join Evonik, High-Tech Gründerfonds, Innovestor Ventures and Mectalent in backing Synoste.

Michel Orsinger, chairman of AO Invest said: “Synoste is exactly the type of company that interests AO Invest; they have created not just a product but a platform that will enable various intelligent solutions from traditional intramedullary nails to flat plates that can be used in the treatment of extremely painful and psychologically debilitating conditions.”