Medical device startups face a financing landscape that looks quite different from software or even biotech. Development cycles are long, regulatory clearance from the FDA is a prerequisite for revenue, and reimbursement strategy often determines whether a technically excellent device ever reaches patients. The investors who succeed in this space tend to have deep clinical and regulatory expertise alongside their capital. Here are nine firms that remain active backers of medical device and medtech companies in 2025.
OrbiMed
Location: New York City, with offices in San Francisco, London, Shanghai, and Mumbai Focus: Medical devices, diagnostics, biopharmaceuticals, and healthcare IT Stage: Seed through public markets OrbiMed is one of the largest healthcare-dedicated investors globally, investing across the full spectrum from seed-stage venture capital to large publicly traded companies. The firm led the Series E financing for Inspire Medical Systems, a sleep apnea device maker, and placed an OrbiMed partner on its board ahead of the company's eventual IPO.
New Enterprise Associates (NEA)
Location: Chevy Chase, Maryland, with offices in Menlo Park and beyond Focus: Healthcare and medical technology alongside a broad technology practice Stage: Seed through growth NEA has a decades-long commitment to healthcare and device investing. The firm has backed a cluster of cardiac and vascular device companies over the years, including leading the Series B round for Intact Vascular, a maker of endovascular devices for peripheral artery disease.
Versant Ventures
Location: San Francisco, with offices across the US, Canada, and Europe Focus: Biotechnology and medical device company creation Stage: Seed through growth Versant builds device and biotech companies from the ground up, pairing scientific expertise with company-building resources. The firm's model typically involves incubating companies in-house before bringing in outside co-investors, which gives it unusually deep involvement in early technical and regulatory decisions.
SV Health Investors
Location: Boston, with an office in London Focus: Medtech, biopharma, and healthcare services Stage: Seed through growth SV Health Investors runs dedicated medtech funds and has backed companies including Spineology, a spinal fusion device maker that SV led a Series AA round for, and BardyDx, a cardiac monitoring device company.
Lightstone Ventures
Location: Boston and Menlo Park Focus: Biotech and medtech Stage: Seed and early growth Lightstone was founded specifically to back medical breakthroughs across biotech and device companies, including Cala Health, which makes a wearable neuromodulation device, and Fire1, a cardiovascular monitoring company that closed a $120 million Series B round in early 2025.
Longitude Capital
Location: Menlo Park Focus: Biotechnology, medical technology, and health solutions Stage: Venture growth Longitude specializes in growth-stage investments in clinically de-risked device and biopharma companies heading toward commercialization or exit, and has participated in late-stage rounds for companies spanning cardiovascular, metabolic, and immunology indications.
415 Capital
Location: Newport Beach, California Focus: Medical device innovation Stage: Seed through growth 415 Capital is a specialist medtech investor with a portfolio that includes Supira Medical, a maker of percutaneous ventricular assist devices, and Endovascular Engineering, a developer of clot removal technology for venous thromboembolism that closed a $42 million Series B co-led by 415 Capital in early 2025.
LRVHealth
Location: Boston Focus: Healthcare technology and services, including device-adjacent digital health Stage: Seed through growth LRVHealth is backed entirely by healthcare organizations — more than 30 health systems and payers — giving portfolio companies direct access to clinical validation partners. Its portfolio includes Cleerly, an FDA-cleared AI-driven cardiac imaging platform, and Current Health, a remote patient monitoring company later acquired by Best Buy.
Delos Capital
Location: Minneapolis Focus: Biotechnology and medical innovation, with a portfolio spanning medtech and therapeutics Stage: Early and growth stage Delos Capital partners with scientists and entrepreneurs building novel medical technologies and therapeutics, with a portfolio that includes Zenas BioPharma (Nasdaq: ZBIO) and TRexBio, both clinical-stage immunology-focused companies that closed significant financing rounds in 2024.
Fundraising Considerations for Medtech Founders
Raising capital for a medical device company requires a different diligence story than software: investors will want to understand your regulatory classification and pathway, your reimbursement strategy, and your clinical evidence plan well before they discuss valuation. As with biotech, understanding how investors approach valuation models in regulated, long-cycle sectors is essential homework before your first pitch meeting.
Device companies also tend to raise larger rounds with more complex deal structures than typical software seed or Series A rounds, which makes it especially important to understand term sheet mechanics and how liquidation preferences stack across a multi-round financing plan. Many medtech companies also use non-dilutive or venture debt financing to bridge between regulatory milestones without excessive equity dilution.
It's also worth noting that medtech financing timelines rarely map cleanly onto the typical 18-24 month software fundraising cadence. A single clinical trial can take years to complete, and a single FDA submission cycle can add another year or more before commercial revenue is possible. Founders should build their fundraising plans around specific regulatory and clinical milestones — first-in-human data, a pivotal trial readout, an FDA clearance or approval — rather than purely around a calendar date, since investors will almost always want to see or fund a path to the next milestone rather than a fixed runway number alone.
How Specialist Investors Add Value Beyond Capital
The strongest medtech investors tend to bring more than money to the table. Many, like LRVHealth, structure their entire fund around strategic limited partners — in LRVHealth's case, health systems and payers — who can serve as pilot sites, clinical validation partners, or even eventual customers for portfolio companies. Others, like Versant Ventures, build companies in-house from early scientific insight, giving founders a head start on regulatory strategy and clinical trial design before a product even has a name.
For founders evaluating which investors to prioritize, it's worth asking pointed questions about what a firm's "value add" actually looks like in practice: Will a partner help recruit a VP of Regulatory Affairs? Does the firm have relationships with key opinion leaders who can serve as clinical trial investigators? Has the firm successfully helped a prior portfolio company navigate an FDA Breakthrough Device designation or a similar regulatory pathway? Specific, concrete answers to these questions are usually a better predictor of a productive partnership than general enthusiasm during a pitch meeting.
Closing Thoughts
Medical device investing remains a specialized discipline, and the strongest firms bring deep clinical and regulatory expertise alongside capital. Founders who can speak fluently to their regulatory pathway, reimbursement model, and clinical evidence plan will have a much easier time earning the attention of these investors. If you're preparing a medtech fundraise and want an experienced partner to help you build your strategy, book a free consult with Quantum Growth Advisors.