The young medtech startup Medyria raised funds to develop its catheter positioning system that reduces the use of x-ray and eliminates the need for contrast dye.
Medyria recently raised CHF 2.2 million from a consortium of investors including business angels from the investiere community, the Zürcher Kantonalbank, an undisclosed institutional medtech investor and members of the StartAngels network. This financing round was lead by Fongit Seed Invest.
Medyria is developing a catheter positioning system for the fast growing market of endovascular surgery. Today, catheter interventions are visualized using x-ray coupled with contrast-dye, both of which are toxic and can lead to health complications. In fact, 41% of patients are at risk of developing kidney intoxication or allergic reactions to the dye. Medyria has developed the TrackCath, a catheter positioning system that not only minimizes the need for x-ray and eliminates the use of contrast dye, but also cuts costs by shortening hospital stays.
The strength of the team and the immense potential of the product has attracted high-caliber advisors, investors and board members. Medyria’s high profile board includes Eric Le Royer, former CEO and co-founder of Endosense (sold to St. Jude Medical for US$ 330 million in 2013), Giovanni Leo, VP at St. Jude Medical and former co-founder and CTO of Endosense, Dr. Marc Bär, a former member of Julius Bär’s executive board and a very active angel investor as well as Gian-Luigi Berini, a successful entrepreneur who founded and sold a startup in the life science industry and is a member of the board of various startups.
“We are glad to have secured funding from such a diverse and valuable group of investors which includes a bank, an institutional medtech investor, a traditional business angel club and the online investment platform investiere”, explains Mauro Sette, CEO of Medyria. “Working with investiere has been very positive and we are thankful for the support we received throughout the process.”
investiere-investors contributed a total of CHF 280’000 to this investment round and had the unique opportunity to co-invest alongside seasoned entrepreneurs who already have a considerable exit under their belt in the same market. Mergers and acquisitions are quite common in the market for catheters and endovascular therapies. Typically, smaller new niche players like Medyria are acquired by tier 1 companies or by their challengers. Medyria’s strong network will no doubt be of great value once such discussions arise.
Medyria has already validated its prototype in first tests and is using the funds raised to proceed with clinical trials.