European life sciences investor Sofinnova Partners is expanding its bet on medical technology with the close of an €82 million fund dedicated to creating medtech companies from the ground up. Sofinnova MD Start IV is designed to turn promising clinical ideas and technologies into new businesses, combining early capital with company building, technical expertise and support through clinical and operational development.
The fund was oversubscribed and is expected to support the creation of six to eight medtech companies over the next five years. Its strategy will operate across Europe and the US, giving Sofinnova additional capacity to work with engineers, clinicians, scientists and entrepreneurs at the earliest stages of development.
Building Companies From Day One
Unlike a conventional venture fund that primarily invests in existing startups, MD Start operates as an in house medtech accelerator. Sofinnova describes the strategy as focused on creating and launching early stage medical device companies through hands on company building.
The approach starts with a clinical need rather than simply looking for applications for emerging technology. The team works with researchers and clinicians to identify problems that could be addressed through new medical devices, then helps develop the technology and business around the opportunity.
This model allows the fund to participate from the earliest stages, when a technology may still be moving from laboratory research toward a commercially viable medical product.
Capital Plus Operational Support
MD Start IV will provide funding as companies progress through important development milestones. Sofinnova’s role extends beyond financing, with the team contributing expertise in areas including product development, clinical strategy, regulatory planning and company formation.
The firm’s MD Start team includes experienced medtech investors and entrepreneurs such as Anne Osdoit, Cécile Dupont and Mano Iyer. Their experience spans medical devices, clinical development, regulatory strategy and company creation.
The strategy also gives newly created companies access to Sofinnova’s wider international network, which can become important as startups move from early development into clinical testing, regulatory processes and commercialisation.
Track Record Behind the New Fund
MD Start IV builds on three earlier iterations of the strategy. Sofinnova’s official strategy page lists MD Start I, launched in 2008 with €8.2 million, MD Start II in 2015 with €10.3 million, and MD Start III in 2019 with €63 million.
The previous generation produced several companies that have progressed into later development and financing stages. Sofinnova’s portfolio includes CorWave, LimFlow, Moon Surgical, BrightHeart, preCARDIA, May Health, HEPTA Medical and other medtech businesses.
BrightHeart, for example, is developing AI software designed to analyse fetal heart ultrasound examinations and support clinicians in identifying congenital heart defects. Sofinnova says the company received CE Mark approval in 2026 and raised an €11 million Series A earlier that year.
A Longer Medtech Development Cycle
Medical device startups often require significant technical validation, clinical evidence and regulatory work before reaching the market. Sofinnova’s company creation model is structured around supporting businesses through these stages rather than treating the initial investment as the end of its involvement.
The firm’s experience with companies such as Moon Surgical and CorWave illustrates this longer term approach. Moon Surgical developed a robotic platform for minimally invasive surgery, while CorWave has progressed from an early company created through MD Start into a business developing and preparing to manufacture its heart pump technology.
With MD Start IV, Sofinnova is now increasing the scale of that strategy. The €82 million fund gives the firm the ability to create a new group of medtech companies while maintaining its focus on clinical needs, technical innovation and the development milestones required to move medical technologies toward real world use.
