Synoste Closes €2.8M Funding

Synoste Oy, a Helsinki, Finland and Düsseldorf, Germany-based medical device company, announced closing an up to €2.8m ($3.3M) funding round.

Synoste has raised a seed round of €0.8m to advance the development of its first product aimed at the limb lengthening market, which can be increased of up to €1.2m upon reaching certain milestones.

The round was co-led by High-Tech Gründerfonds (HTGF), Finnvera and Lifeline Ventures with participation from Tekes – the Finnish Funding Agency for Technology and Innovation (which provided additional €1.6m) and existing business angels.

The company intends to use the funds to finalize prototype and advance into pre-clinical development.