European startups developing medical devices cashed in during the frothy days of 2021 and 2022. They raised $6.1bn over those two years, according to Dealroom — more than the previous four years combined — as surgery robotics company CMR Surgical, dialysis startup Quanta and diagnostics platform LumiraDx picked up nine-figure rounds.

And while funding levels have dropped in 2023, medical device startups haven’t experienced anything like the dip that sectors like fintech and deeptech have had to grapple with. The largest round so far this year was Swiss surgery robotics startup DistilMotion’s $150m fundraise from US private equity firm Revival Healthcare Capital. 

But which startups have investors got their eyes on as we move into the second half of 2023? We asked VCs from MIG Capital, SHS Capital, Sofinnova Partners and AlbionVC to find out. Investors could only nominate startups that weren’t in their portfolio… yet.