Synoste Oy raises € 2.2 M in the first closing of A-round financing including EUREKA Eurostars grantInvent Baltics client Synoste Oy is a Finnish medical device company developing a next-generation of patient friendly implants for the correction of skeletal deformations. Synoste’s proprietary technology will act as a platform for a range of long and short bone, spinal, and craniomaxilofacial applications providing solutions for millions of patients and their families across the globe.
Synoste has now raised A-round financing of € 1.2 M which will be used to fund clinical trials needed for regulatory approval (CE Mark) for sale of their first product in Europe. The funding was raised from existing investors High-Tech Gründerfonds (HTGF), Finnvera, Lifeline Ventures, Mectalent Oy and existing business angels joined by new investors Metsola Ventures, and Mr Petri Pöyhönen.
In addition, Synoste has received € 1.0 M European Eurostars grant raising the total value of the round to € 2.2 M. Invent Baltics team supported Synoste in preparing successful EUREKA Eurostars project proposal and align the business strategy. Synoste's competitive advantage is built on their proprietary technology, which was developed at Aalto University in Espoo and ORTON Orthopaedic Hospital, overcomes the traditional limitations and enhances patient comfort and compliance.
The EUREKA Eurostars programme enables initiation of new development projects together with other European enterprises. An Eurostars project can focus on any technological field in which the R&D activities target the development of a novel product/process/service. One of the requirements of the programme is that there have to be at least 2 R&D intensive enterprises from different Eurostars programme member states. The projects should be close-to-the-market, i.e. come up with marketable products 2 years after the end of the project. Only in case of biomedicine, the projects have to reach the stage of clinical trials 2 years after the end of the project.Based on our experience, the Eurostars programme is a good solution for enterprises that wish to involve their potential end users (clients) or R&D partners in the development of their novel product or service.
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