Dutch-Swiss medtech startup G-Therapeutics received a massive amount of money to develop its neuro-stimulation therapy for people with spinal cord injury.
After more than a decade of research, G-Therapeutics (officially started in 2014) has developed an implantable neuro-stimulation (INS) system for the spinal cord. The system enables the INS to deliver electrical pulses to the correct nerves at the appropriate timing to facilitate raising and lowering the legs and feet while walking. Eventually it 'remodels' neural connections. So in the end it's restoring voluntary control over paralyzed limbs.
The startup is a spinoff from the Swiss École Polytechnique Fédérale de Lausanne, and is based in Lausanne and Eindhoven. In its Eindhoven office, on the High Tech Campus, the product is developed. The 26 million euro series A investment comes from European VC's LSP, INKEF Capital, Gimv and Wellington Partners. On top of that, G-Therapeutics received a 10 million euro loan from the Dutch ministry of Economic Affairs.
Massive medtech
The deal size is massive for a series A, and maybe even massive for medtech. The investors sure look confident with investing this amount of money.
That's because Dutch co-founder and CEO Sjaak Deckers is no stranger to the medtech scene. In 2014 he sold his brain stimulation startup Sapiens to US company Medtronic for 200 million dollar. Before he held several positions at Philips Healthcare.
Dirk Kersten of INKEF Capital said in the press release: "G-Therapeutics combines world-class science with a team of proven entrepreneurs led by Sjaak Deckers. It is a great opportunity for us working together again with this talented group."
So far it has been a good start for medtech startups this year in The Netherlands. DNA analytics startup BlueBee last month got a 10 million euro series A investment and immunotherapy startup Gadeta received 7 million euro.