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Brian Cole

Med-tech financings April 2023


Venture capital comprises 86% of declining med-tech financings in April

Med-tech financings have continued to decline from 2021's peak when they brought in a combined total of $27.76 billion through April. In the first four months of 2022, that dropped 61.74% to $10.62 billion and this year they have fallen 44.16% to $5.93 billion. Broken out by type of financing, med-tech follow-ons are higher than the same period last year ($2.6 billion in early 2023 vs. $1.73 billion through April of last year). In terms of volume, there have been 154 med-tech financings through April 2023, down from 196 in the same period last year, 300 in 2021, 204 in 2020 and 186 in 2019.


April 2023 med-tech financings

$1.28 billion was collected through 47 transactions in April 2023:

  • 0 IPOs

  • 4 follow-on offerings valued at $147.64 million

  • 7 public/other raises (private financings of public companies) worth $28.9 million

  • 36 private venture capital rounds worth $1.07 billion

Value Med-tech financings in April 2023 totaled $1.28 billion, with the top three being VC investments. Next was New York-based Establishment Labs Holdings Inc.'s public offering of 1.1 million common shares at $71.50 per share for $78.7 million raised.

Med-tech IPOs in 2023

There were no med-tech IPOs in April, echoing the lower numbers of IPOs in industries like tech and biopharma. Med-tech has seen two IPOs in 2023, both from companies based in China:

  • Cryofocus Medtech (Shanghai) Co. Ltd. grossed $27 million in its January IPO on the Hong Kong Stock Exchange.

  • Jin Medical International Ltd. raised $8 million on Nasdaq in March.

VC Venture capital comprised nearly 86% of all med-tech financings in April, in contrast with previous years. Leading the way, Redwood City, Calif.-based Heartflow Inc. raised $215 million in a series F round to support its existing commercial products and product portfolio for the diagnosis of coronary artery disease. Medical robotics company Noah Medical Inc. raised $150 million in a series B financing, with funds slated to expand adoption of the Galaxy System and accelerate R&D for other non-invasive patient diagnosis and treatment platforms. Saluda Medical Inc. also raised $150 million, in an equity financing.

Volume The volume of med-tech financings in April of this year – 47 – is down just 4%, from 49 the same month in 2022. In April 2021, there were 76 total med-tech financings, up from 50 in 2020 and 56 in 2019.

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