5 Medtech Start-Ups to Watch in 2024

Given that the majority of startups in the medtech industry fail in the long run, with 60% of startups not surviving the first five years according to recent studies, it is particularly interesting to keep an eye on the successful start-ups that have performed well in the recent past. Here is a list of five Medical Technology companies with a high innovative potential to watch in 2024.

1. Moon Surgical

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Year founded: 2019

Headquarters: Paris, France

Amid the growing interest in robotic surgery, a French-American medtech start-up, Moon Surgical, has emerged. Its Maestro System is an adaptable robotic surgical device designed to assist surgeons perform labaroscopy, a soft-tissue surgery, by providing them with an extra set of arms. In mid-2023, Moon Surgical raised USD 55.4m in Series B funding. In September 2023, the company announced that its latest version of the system had been CE marked under the European Medical Device Regulation.

2. Prophetic AI

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Year founded: 2023

Headquarters: New York, USA

Prophetic AI is a newly formed neurotech start-up developing a non-invasive wearable device with the mission to induce and stabilize lucid dreams. The neural headband called “The Halo” is based on a multimodal AI model trained on brain data and uses ultrasound stimulation to trigger controllable dreams. Following a USD 1m funding round in October 2023, a beta version of the futuristic device is set to be released in spring 2024.

3. ABLE Human Motion

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Year founded: 2018

Headquarters: Barcelona, Spain

Medical device start-up ABLE Human Motion is the developer of an innovative exoskeleton technology designed to improve mobility for people with disabilities. ABLE’s lightweight exoskeleton prosthesis for neurorehabilitation in clinical settings detects the user’s intention to move with an inertial sensor and acts as a muscle. The company has big plans for 2024 and expects regulatory approval in Europe in early 2024.

4. CMR Surgical Ltd.

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Year founded: 2014  

Headquarters: Cambridge, United Kingdom

Following the largest investment to date in a European robotics start-up, a USD 600m deal in 2021 that valued the company at USD 3bn, CMR Surgical reported numerous layoffs in April 2023. The medical device company is developing the patented Versius surgical robot, which is presented as a portable and modular solution for minimal access surgery. CMR Surgical ended 2023 on a strong note, receiving USD 165m in a Series D financing round in September, with continued expansion and new product launches expected in 2024.

5. Synchron, Inc.

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Year founded: 2016

Headquarters: New York, USA

Elon Musk’s Neuralink is not the only player in the brain implant technology space: Another company on the horizon is Synchron. The company is developing a brain-computer interface (BCI) technology called Stentrode, which is delivered via a minimally invasive endovascular method to avoid open brain surgery. The company’s latest milestone is the completion of enrollment for its COMMAND trial in September 2023, in which six patients have received the BCI to assess the safety and efficacy of the implant in patients with severe paralysis. In February 2024, the company acquired a minority stake in German manufacturer Acquandas in a mission to scale up production of the implantable neurotechnology.