Successful exit for High-Tech Gründerfonds: Brainlab acquires medical robotics start-up Medineering
April 10, 2019
- High-Tech Gründerfonds has partnered the start-up since the seed round in 2014
- Medineering develops robotic assistance systems for use in operating theatres
- Ulrike Kalapis (HTGF): “Medineering is a real success story. It took the team only a few years to develop a sophisticated, innovative product, and now bring it to market.”
High-Tech Gründerfonds and other investors are selling all of their shares in the robotics start-up Medineering GmbH, based in Munich, to Brainlab AG. In doing so, the consortium around High-Tech Gründerfonds has managed to achieve a successful exit. It has been agreed that further details of the transaction would not be disclosed.
During the summer of 2014, High-Tech Gründerfonds (HTGF), Bayern Kapital, Born2Grow and two business angels, Professor Michael Friebe and Professor Tobias Ortmaier, participated in a seed round to finance Medineering. In 2016 Brainlab, the subsequent buyer of the company, joined the other investors in a Series A round.
Medineering was founded by Dr Stephan Nowatschin and Dr Maximilian Krinninger in 2014. It was the first company in the world to work on developing a modular surgical robotics platform intended to assist surgeons during minimally invasive procedures and reduce their workload. Since its foundation, the company has developed – and meanwhile also marketed – robotic assistance systems which up to now are mainly used in ENT surgery. However, the aim is to introduce systems for use in other surgical disciplines as well. The systems are built around a positioning arm which is mounted on one side of the operating table. Depending on the specific surgical specialty, modular attachments are fixed to the positioning arm and controlled using a foot pedal. This takes away some of the surgeons’ tasks and enables them to focus more closely on the actual surgical procedure. Medineering’s modular technology is less expensive and easier to use than many of the standard products on the market. In January 2018 the positioning arm received the CE certification, which enables its distribution for sale in Europe. The products have been approved for use in ENT surgical procedures and in neurosurgery. The first systems of spinal surgery were already successfully positioned in the European market by Brainlab.
Ulrike Kalapis, Investment Manager at High-Tech Gründerfonds, says: “Medineering is a real success story. It took the team only a few years to develop a sophisticated, innovative product, and now bring it to market. We are very pleased having been able contributing to advancing the start-up in collaboration with the visionary team of founders by providing close back-up and maintaining an intensive dialogue.”
Dr Georg Ried, Managing Director of Bayern Kapital, says: “The products offered by Medineering are prime examples of successful ideas in the field of medical technology: their modular design, their manageable size and well thought-out handling considerably eases the workload of surgeons at the operating table – and at a very attractive price compared to competing products. This means that Medineering is perfectly positioned to achieve the next level of its development as a member of the Brainlab family.”
Günter Steffen, Managing Director of Born2Grow, says: “I would like to especially acknowledge the short time it took the founders to develop their product. Likewise, collaboration with the founders, the partners and the fund companies HTGF, Bayern Kapital and Born2Grow proved to be positive and results-oriented at all times.”
Dr Stephan Nowatschin, founder of Medineering, says: “We are very grateful to our seed investors: they enabled us to develop our prototype systems and supported and advised us at each stage.”
About High-Tech Gründerfonds
High-Tech Gründerfonds (HTGF) is a seed investor that finances high-potential, tech-driven startups. With EUR 892.5 million in total investment volume across three funds and an international network of partners, HTGF has already helped forge more than 520 startups since 2005. Driven by their expertise, entrepreneurial spirit and passion, its team of experienced investment managers and startup experts help guide the development of young companies. HTGF’s focus is on high-tech startups in a range of sectors, including software, media, internet, hardware, automation, health care, chemistry and life sciences.
To date, external investors have injected over EUR 2 billion into the HTGF portfolio via about 1,400 follow-on financing rounds. HTGF has also successfully sold interests in more than 100 companies. Investors in this public-private partnership include the Federal Ministry For Economic Affairs and Energy, the KfW Banking Group, and Fraunhofer-Gesellschaft e.V., as well as the companies ALTANA, BASF, BAYER, B.Braun, Boehringer Ingelheim, Robert Bosch, BÜFA, CEWE, Deutsche Post DHL, Dräger, Drillisch AG, EVONIK, EWE AG, Haniel, Hettich, Knauf, Körber, LANXESS, media + more venture Beteiligungs GmbH & Co. KG, PHOENIX CONTACT, Postbank, QIAGEN, RWE Generation SE, SAP, Schufa, Schwarz Gruppe, STIHL, Thüga, Vector Informatik, WACKER and Wilh. Werhahn KG.
About Bayern Kapital
Bayern Kapital GmbH, based in Landshut, was founded on the initiative of the Bavarian government in 1995. It is a wholly-owned subsidiary of the Bavarian LfA Förderbank. As the venture capital organisation of the Land of Bavaria, Bayern Kapital provides equity capital financing for the founders of young innovative technology companies in Bavaria.
Presently Bayern Kapital manages eleven investment funds with a total volume of around €325m. So far, it has invested almost €290m in 265 innovative companies in the fields of technology in various sectors including life science, software & IT, medical technology, materials and new materials, nanotechnology and environmental technology.
In this way, more than 5000 long-term jobs in sustainable companies have been created in Bavaria.
Contact for press
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Since its foundation in 2013, BORN2GROW GmbH & Co. KG, based in Heilbronn, Germany, has been supporting innovative technology companies in the seed and start-up phase. The Seedfonds supports young companies by accompanying them from the proof-of-concept stage through to market launch. This early-stage financing enables fast-growing, technology-oriented start-up companies to develop their ideas and concepts. BORN2GROW, a subsidiary of ZFHN Zukunftsfonds Heilbronn, cooperates with other venture capital funds and business angels and makes quick and transparent financing decisions.
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