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Press Release

Minnesota's Medical Alley-Based Companies Raise Record $335.8M YTD after Q3 Raise of $117M

Medical Alley Association
Posted on: 13 Oct 16

Minnesota’s health technology sectors continue to secure unprecedented investment with a Q1-3 total raise of nearly $336M. 2016 YTD investment totals follow three consecutive years of record-breaking fundraising. Sustained innovation, a tenured entrepreneurial community and growing investor interest from the coasts and Midwest are significant drivers of the successful ecosystem in Medical Alley.

Highlighted in the Medical Alley Association’s Q3 Investment Report published today, the medical device sector – a legacy investment leader – continues to dominate with a Q3 total of $102.4M and YTD, 33 device companies have raised $201.6M. Major sector raises were led by Torax Medical and Cogentix Medical, both at $25M. Other notable raises include Osprey Medical ($21M), CVRx ($11.2M) and Rotation Medical ($8M).

The digital health sector continues explosive growth in 2016 as it realizes a 48% year-to-date increase over all of 2015. The Medical Alley biopharmaceutical sector recorded 2016 YTD investments of $14.5M; diagnostics raised $5.1M; and the research tools sector captured $5.2M in investment.

“CVRx’s unique growth path and continued success in raising capital has been significantly influenced by the value of being in Minnesota’s Medical Alley. Investors know Medical Alley and its unparalleled medical technology expertise,” said Rob Kieval, chief development officer and Medical Alley board chair.

Key findings from the Q3 Investment Report include:

  • $117M raised in Q3 bringing the 2016 total to $335.8M, a Q1-Q3 record high
  • 77 companies have completed a capital raise in 2016 thus far, equaling 2015 Q1-Q3
  • Medical device led health technology investments in Q3 adding $102.4M which brought YTD funding for the sector to $201.6M
  • Digital health accounts for 31% of investment dollars YTD; the 2016 funding total is $104.3M, 48% higher than entirety of 2015
  • Major raises include Torax Medical ($25M), Cogentix Medical ($25M), Osprey Medical ($21M), and Rotation Medical ($8M)

“Medical Alley continues to attract capital and new investors. As other regions experience investment declines in health technology funding, our leadership and expertise is producing consistent record-breaking performance,” commented Shaye Mandle, president and CEO of the Medical Alley Association.

Mr. Mandle went on to say, “In particular, Medical Alley’s digital health community is setting the standards for the evolution of health care. With our deep health care expertise and #1 ranking in innovation, investors are aggressively targeting this market.”

To view the full report and interact with the data, visit:

About Medical Alley Association investment reports
Medical Alley Association’s investment reports provide detailed analyses of fundraising done by Minnesota-based health technology (drug, device, diagnostic and digital health) companies. As a summation of development capital from all sources including angel, strategic, venture and debt, it is widely recognized as the most complete analysis of health technology investment in Minnesota. Medical Alley investment reports provide market intelligence and insight on local investment trends relevant to the broader industry.

About the Medical Alley Association
The Medical Alley Association is a global leader in industry advocacy, stakeholder connectivity and content delivery which help power the evolution of healthcare in supporting members so they may innovate, succeed and influence the global community. By driving policy, delivering actionable intelligence and connecting members with critical resources, we work to ensure that Minnesota's Medical Alley remains the world's strongest health technology community. The Association's membership and supporting community extends throughout the world, employing more than 300,000 Minnesotans and many more globally. For more information, visit

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Last updated on: 13/10/2016

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