Investment Criteria
Product Positioning
Revenue & Traction Benchmarks
- Target high-value niches with unmet clinical need
- Procedure-enabling devices, robotics, neuromodulation, or digital surgical tools
- Augment current procedural flows with better outcomes, cost reductions, or fewer steps
- Positioned for reimbursement or CPT alignment in 18–36 months
Revenue & Traction Benchmarks
Revenue & Traction Benchmarks
- Revenue: Typically <$1M ARR but with clear path to >$5M within 24–36 months
- Traction Indicators:
- Pilot programs in hospital systems or surgical centers
- LOIs or early contracts with distributors
- Favorable clinical data or pre-IDE/510(k) submissions
- Testimonials from surgeons or KOLs
- Accepted abstracts at major conferences (e.g., NASS, CNS, AANS)
Geographic Preference
- U.S. primary market with optionality for EU or Asia-Pacific scale
- Preference for companies headquartered in U.S., Canada, Israel, Western Europe, or India with U.S. regulatory intent
Other Strategic Filters
Other Strategic Filters
- Patentable IP or exclusive licensing agreements
- Strong alignment with strategic acquirers' pipelines (Medtronic, Stryker, etc.)
- Device-centric, not service-first companies
- Potential for digital overlays: AI, remote monitoring, cloud-based data aggregation
Stage Focus
Other Strategic Filters
Stage Focus
- Pre-Series A, with a preference for Seed and Angel rounds
- Team should include at least one technical founder and clinical advisor
- Working prototype, feasibility or FIH (first-in-human) trial preferred