MedTech venture capital is heading for its biggest year since 2021.
Companies received $4.1 billion of VC funding in the second quarter, maintaining the pace set in the first three months of 2025 and keeping the sector on course for its biggest year since 2021.
Surgical devices dominate, capturing 46% of deal value. AI-native startups secure mega-rounds. Mature companies extend runways through venture-growth funding.
Here are 20 medical device VCs actively investing.
Track your medtech pitch deck
510(k) cleared. Clinical trials positive. Hospital pilots converting.
Yet investors stay silent.
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20 Medical device investors
1. New Enterprise Associates (NEA)
Global VC leader in medical devices with 200+ healthcare investments.
Investment focus: Early to mid-stage medical devices, diagnostics, digital health integration
Investment range: Series A-C, $5M-$100M+
Notable investments: 50+ medical device exits
Contact: nea.com
2. Versant Ventures
Leading medtech investor helping exceptional entrepreneurs.
Investment focus: Novel therapeutics, medical devices, healthcare IT
Investment range: Company creation through growth
Notable investments: 65+ successful acquisitions/IPOs since 1999
Contact: versantventures.com
3. OrbiMed
$17 billion healthcare specialist with strong device practice.
Investment focus: Medical devices, diagnostics, healthcare services
Investment range: $5M-$500M across all stages
Notable investments: Global medtech leaders
Contact: orbimed.com
4. SV Health Investors
Medtech convergence fund focused on next-gen devices.
Investment focus: Technologies shifting care from hospitals to homes
Investment range: Early stage, $3M-$20M
Notable investments: SpectraWAVE, Alpheus Medical
Contact: svhealthinvestors.com
5. ARCH Venture Partners
Company creation specialist in transformative medtech.
Investment focus: Platform technologies, breakthrough devices
Investment range: Seed through growth
Notable investments: Industry-defining medical technologies
Contact: archventure.com
6. Venrock
Pioneer investor backing medical device innovation.
Investment focus: Technology-enabled medical devices
Investment range: Various stages
Notable investments: Leading device companies
Contact: venrock.com
7. MPM Capital
Life sciences investor with device expertise.
Investment focus: Medical devices, combination products
Investment range: Early through growth
Notable investments: Multiple device IPOs
Contact: mpmcapital.com
8. Sofinnova Partners
European leader investing globally in medtech.
Investment focus: Medical devices, diagnostics, digital health
Investment range: Seed to late stage, €5M-€50M
Notable investments: 500+ companies over 50 years
Contact: sofinnovapartners.com
9. ShangBay Capital
Silicon Valley medtech specialist.
Investment focus: Medical devices, diagnostics, imaging
Investment range: Series A-C, $5M-$30M
Notable investments: Ceribell (successful IPO), 72+ portfolio
Contact: shangbaycapital.com
10. Deerfield Management
$12 billion firm with device focus.
Investment focus: Medical technology, combination products
Investment range: $10M-$500M
Notable investments: Device platforms at Cure campus
Contact: deerfield.com
11. Johnson & Johnson Innovation
Strategic investor seeking external innovation.
Investment focus: Surgical, orthopedic, cardiovascular devices
Investment range: Early through commercial stage
Notable investments: Strategic partnerships globally
Contact: jnjinnovation.com
12. 5AM Ventures
Early stage life sciences investor.
Investment focus: Medical devices, diagnostics, tools
Investment range: Seed to Series B
Notable investments: Device category leaders
Contact: 5amventures.com
13. Canaan
Early stage investor with medtech practice.
Investment focus: Digital health-enabled devices
Investment range: Seed to Series B
Notable investments: Connected device platforms
Contact: canaan.com
14. Alta Partners
Life sciences specialist with device expertise.
Investment focus: Medical devices, diagnostics
Investment range: Early through growth
Notable investments: Multiple device exits
Contact: altapartners.com
15. Norwest Venture Partners
Multi-stage investor with healthcare focus.
Investment focus: Medical devices, healthcare IT integration
Investment range: $5M-$100M
Notable investments: Device market leaders
Contact: nvp.com
16. U.S. Venture Partners (USVP)
Silicon Valley firm with medtech practice.
Investment focus: Medical devices, healthcare IT
Investment range: Early to growth stage
Notable investments: Category-defining devices
Contact: usvp.com
17. Morgenthaler Ventures
Growth investor in medical technology.
Investment focus: Medical devices, healthcare services
Investment range: Series B and beyond
Notable investments: Device platform companies
Contact: morgenthaler.com
18. BpiFrance
French public investment bank.
Investment focus: European medtech, global expansion
Investment range: €1M-€50M+
Notable investments: COVID-19 device innovations
Contact: bpifrance.com
19. Arboretum Ventures
Midwest healthcare investor.
Investment focus: Medical devices, healthcare IT
Investment range: $2M-$15M
Notable investments: Regional device leaders
Contact: arboretumvc.com
20. RCT Ventures
Medical device accelerator and fund.
Investment focus: Early stage devices, accelerator model
Investment range: $250K-$5M
Notable investments: 50+ device startups
Contact: rctventures.com
How to approach medtech investors
Regulatory readiness matters most
MedTech investors scrutinize regulatory strategy first. Have your 510(k) pathway mapped. De novo classification justified. CE mark timeline clear.
Quality systems implemented early show maturity. ISO 13485 preparation signals you understand the journey.
Clinical evidence requirements
Pilot data isn't enough. Show clinical study design. Statistical powering calculations. Endpoint selection rationale.
Reimbursement strategy needs equal detail. CPT codes identified. Coverage determination pathway. Health economics modeled.
Manufacturing scalability
Investors evaluate production readiness. Design transfer plans. Supply chain redundancy. Quality control metrics.
Unit economics at scale matter. Show path from prototype costs to market pricing.
Alternative medtech funding sources
Strategic partners
Medtronic Ventures: Invests across all device categories
Boston Scientific Ventures: Cardiovascular and endoscopy focus
Edwards Lifesciences: Structural heart innovations
Abbott Ventures: Diagnostics and monitoring devices
Government programs
NIH SBIR: $1.2B annually for medical device R&D
DoD medical: Military medical technology funding
NSF: Engineering and technology grants
Accelerators
MedTech Innovator: Largest medtech accelerator globally
TMCx: Texas Medical Center accelerator
Fogarty Institute: Stanford-affiliated device incubator
Success stories
Recent mega-deals
SpectraWAVE: $50M Series B for imaging system
Brixton Biosciences: $33M for novel pain treatment
Multiple AI-native devices: Securing premium valuations
Strategic exits
Edwards Lifesciences: Acquired JenaValve and Endotronix
Major strategics: Active M&A despite IPO drought
Why medtech startups fail
Underestimated regulatory timeline. FDA requested additional studies. Burned runway.
Manufacturing transfer failed. Could not scale from prototype. Quality issues killed commercialization.
Reimbursement strategy flawed. Great device, no payment pathway.
How Ellty helps medtech startups
Medical device decks require technical depth. Regulatory slides get studied. Clinical data scrutinized closely.
Ellty analytics show:
- Which slides capture surgeon attention
- When regulatory experts review
- Who shares with investment committee
MedTech founders using Ellty report:
- 3x response rate versus PDFs
- Identify investors with device expertise
- Track technical due diligence engagement
FAQs
Q: When to raise for FDA submission?
6-9 months before. Submission costs are upfront.
Q: How much for 510(k) clearance?
$3-5M minimum including trials and consultants.
Q: Do we need medtech-specific VCs?
Yes, especially post-seed. Regulatory expertise crucial.
Q: Manufacturing in-house or outsource?
Most VCs prefer contract manufacturing initially.
Q: How important is IP for devices?
Critical. Design patents plus methods. Freedom to operate essential.
