In a successful week for the medical technology companies in the LSI Alumni community, we saw LSI Alumni secure new funding, announce strategic partnerships, achieve clinical milestones, and much more on the road to LSI USA ‘26 in Dana Point (March 16–20). Announced that it entered into a securities purchase agreement worth up to $50M in proceeds, with the agreement expected to result in ~$19M in upfront proceeds. The company plans to use the funds for working capital and general corporate purposes, including the advancement of its clinical and product development activities.
In a successful week for the medical technology companies in the LSI Alumni community, we saw LSI Alumni secure new funding, achieve clinical and regulatory milestones, and much more on the road to LSI USA ‘26 in Dana Point (March 16–20). Completed enrollment of the FULCRUM-VT pivotal FDA IDE study evaluating its ventricular tachycardia-specific ablation technology, with 208 patients across 20 centers. Adagio’s vCLAS™ Cryoablation System, which uses proprietary ultra-low temperature cryoablation (ULTC) technology, is being evaluated to support FDA pre-market approval for the treatment of monomorphic ventricular tachycardia.
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Centese originated inside San Francisco-based medical device incubator TheraNova, where Evan Luxon worked as Partner in new product development. While researching the clinical benefit of an automated urine output monitoring device, a chance conversation with cardiac surgeons sparked a new idea. “They asked us if we could do something similar for chest drains,” Luxon recalled. “Those devices were even harder to manage, played an integral role in highly complex procedures, and hadn’t seen innovation in decades. That was the spark.” TheraNova founder Dan Burnett, MD, introduced Luxon to Randy Preston, an experienced, commercially focused operator with experience in cardiovascular markets. “Evan and I dove in, initially on nights and weekends,” said Preston. “We validated the clinical need, talked with leading surgeons from around the country, and explored whether innovating in this field could make a real impact in the lives of patients and healthcare more broadly.”
Tarek Makansi is no stranger to solving big problems with elegant engineering. With a BS from Cornell and a PhD from UC Berkeley in electrical engineering, he began his career in data storage at IBM, where he rose to executive leadership and eventually served as CTO for IBM’s Venture Capital Group. “I was scouting the world for startup companies for IBM to acquire,” he said. “Then I left after 20 years and started Tempronics, which was sold to a Fortune 500 company.” In 2017, after observing the bulky nature of neuromodulation systems, which typically involve large pacemaker-like implants wired to peripheral nerves, Makansi saw an opportunity to rethink the model entirely. “I noticed that for neuromodulation, people were using a large implant in the chest or the back and running a wire to the nerve,” he explained. “As a professional electrical engineer, I became curious. How much electricity was really needed at the nerve? It turned out that it was a very small amount. So I thought: there must be a way to miniaturize this.”
DeepSight’s beginnings trace back to academic innovation. “DeepSight was founded on the strength of a remarkable technology developed by my co-founder, Dr. Lan Yang, at Washington University in St. Louis,” Sadrzadeh explained. He was introduced to Yang through Gaurav Garg at Wing Venture Capital, who ultimately became the company’s seed investor, board member, and a guiding force. “Together with Anand Chandrasheker, we saw that ultrasound was at a stall point and that we could go beyond these limitations by introducing our novel sensor technology.” The team initially explored diagnostic applications, but their focus quickly shifted. “It became clear that the greatest immediate need, and the greatest opportunity for impact, was in interventional medicine,” Sadrzadeh said. “That realization led us to extend to therapeutic applications, where our technology could meaningfully transform the way procedures are performed.”
Paul LaViolette of SV Health Investors and moderator Ilya Trakhtenberg from L.E.K. Consulting discuss essential strategies and best practices innovators must adopt to successfully navigate and win in the medtech industry.
To successfully navigate these differences, panelists emphasized the need for clear communication—especially early in the partnership. “Founders often assume everyone’s aligned just because they invested,” said Mas. “But if expectations haven’t been discussed, you end up with drama in the boardroom.” When it comes to big tech and big pharma partnerships, misalignment is even more likely. “I’ve seen firsthand how tech and pharma bring very different assumptions to the table,” said Parramon. “Pharma thinks software guys can fix everything. Tech guys don’t think about evidence at all. If you haven’t aligned on the how—not just the goal—it will fall apart.”
