Synoste raises €2.8m in seed round

The venture firms invested an immediate €800,000 while a further €1.2m will be provided when Synoste reaches agreed milestones. Tekes, a Finnish funding agency for technology and innovation, additionally provided funding of around €1.6m.

The fresh equity will be used to further the development of Synoste's first product for the limb lengthening market. The capital injection will provide the necessary funding to finish the prototype and start the pre-trial phase, the firm stated.

Company
Synoste develops medical devices that aim to correct patients' skeletal deformities. These are based on a technology that allows Synoste to implant the device in a routine procedure via a home care unit, which then prevents the patient from having to visit the hospital on a daily basis.

The firm is based in Helsinki, Finland, with an additional office in Düsseldorf, Germany. Synoste was founded as a spinout from Aalto University in Espoo, Finland, and Orton Orthopaedic Hospital in 2012.

People
Harri Hallila is Synoste's CEO and co-founder. Kay Balster led the transaction for HTGF. Petri Laine is Finnvera's managing director.

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