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.
"We have identified new market opportunities as well as documented good progress in our product development process over the past two years. We remain on schedule for our clinical trial, and we are grateful for the trust and continued support from our existing investors and new business angels" says Synoste's CEO and co-founder Harri Hallila.
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.
"Synoste's product technology represents the first of a 3rd generation of implants, which will cause a disruptive change in the management of patients with bone deformities and those seeking cosmetic limb lengthening" comments Director of Business Development, Michael Piccirillo.