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Cover Story - The Five Percent: William Dai and the Discipline of Building Medtech Winners

In medtech, the distance between a promising idea and a product that truly reaches patients can be a long road. William Dai has spent more than three decades navigating that path. As Founding Managing Partner of ShangBay Capital, he has backed companies at their earliest stages and stayed with them through the hardest phases of growth. At LSI USA ’26 and in an interview with The Lens, Dai reflects on leadership, commercialization, and what it takes to build one of the estimated 5% of medtech companies that last. Every medtech company begins with a belief: a new idea. A compelling technology. A founder who sees something others do not. For a while, that belief is enough. Until it isn’t. At some point, the timelines stretch. The capital becomes harder to raise. The questions shift from what could be possible to what can actually be delivered. William Dai has seen that moment many times. “Only about 5% of medtech startups eventually make it,” he says, in a conversation with The Lens . “Y...
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Q1 2026 LSI Alumni Funding Report

In Q1 of 2026, LSI Alumni companies raised over $1.2 billion across 51 deals, and an additional $800 million in M&A transactions. All information regarding these deals is captured in our annual LSI Alumni funding report, which is now live. This spreadsheet brings together funding and M&A transactions from emerging company Alumni across LSI’s global summits, offering a consolidated view of deal activity and the investors involved. Below is a sneak peek of the deals included in this funding update, covering a breadth of funding stages. For real-time funding activity and deep company profiles on thousands of medtech startups, start your Compass AI, by LSI subscription today. This blog is originally published here: https://www.lifesciencemarketresearch.com/insights/q1-2026-lsi-alumni-funding-report  
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The Memo: Inmedix Bringing Precision to the Autonomic Nervous System

Under the direction of Co-Founder and CEO Dr. Andrew Holman, Inmedix is advancing a new category of precision diagnostics focused on the autonomic nervous system (ANS), an often overlooked contributor to chronic disease and treatment response variability. Through its FDA-cleared CloudHRVⓇ system, the company is equipping clinicians with a medical-grade, real-time measure of ANS state, enabling a more personalized and data-driven approach to care. Built on decades of clinical research and grounded in rheumatology, Inmedix is positioning ANS measurement as a foundational input in modern medicine, with the potential to reshape how physicians understand and treat complex, chronic conditions. Origin Story Inmedix is rooted in Dr. Holman’s decades-long career as a rheumatologist and clinical researcher, where he developed a reputation for tackling some of the most misunderstood conditions in medicine. “After becoming a physician, I specialized in rheumatology due to its puzzle-solving demand...
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Medtronic Expands in Neurovascular Devices with Scientia Vascular Acquisition

On March 10th, Medtronic announced that it has entered into a definitive agreement to acquire Scientia Vascular, a Salt Lake City-based developer of neurovascular access technologies. The transaction is valued at $550 million, with potential undisclosed earn-out and milestone payments post-acquisition. This marks Medtronic’s second acquisition this year, following its earlier CathWorks deal , and signals a clear focus on strengthening capabilities in high-growth categories. The Scientia Vascular acquisition is not just another deal. It reflects a broader shift toward enabling technologies that improve procedural efficiency and expand patient access in stroke care. In stroke treatment, where every second counts, faster and more reliable access can directly influence patient outcomes. The Numbers Behind Stroke and Neurovascular Devices Growth Stroke remains one of the largest and most pressing challenges in healthcare. In the United States alone, approximately 800,000 strokes occur e...
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The Q1 2026 Reality Check for Medtech Funding

We are already into the second quarter of the year, which makes this a natural moment to assess where medtech funding stands after Q1 2026. Drawing from data collected through LSI’s Compass AI platform, this analysis provides a high-level look at capital deployment, deal activity, and the broader signals shaping the current fundraising environment. Before diving into the numbers, it is important to clarify the scope. The dataset reflects publicly disclosed rounds, spanning early angel investments through later-stage financings such as Series D and beyond. The focus remains tightly centered on medtech, software as a medical device, and diagnostics, with selective inclusion of adjacent healthtech activity when relevant signals emerge. A Closer Look at Medtech Funding Trends The most immediate takeaway from Q1 2026 is a clear contraction when compared to the same period last year. In Q1 2025, the industry saw $3.60 billion raised across 144 deals. In contrast, Q1 2026 recorded $2.41 ...
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VB Spine’s Augmented Reality Bet in the Spine Market

M&A activity is off to a strong start in 2026. While several large transactions are drawing attention, we are focusing on a move that could carry long-term implications for the spine market: VB Spine’s agreement to acquire the rights to the xvision Spine System from Augmedics. This is not a routine tuck-in acquisition. It reflects a deliberate strategy aimed at addressing structural challenges that have historically limited growth in spine. Before looking at the data, a quick refresher on the two companies involved. A Newly Formed Leader Meets AR Pioneer VB Spine is currently the largest privately held spine company, despite being less than one year old (at the time of this article’s publication). The company was formed in April 2025 when the Viscogliosi Brothers acquired Stryker’s U.S. spinal implants business, excluding MAKO and Copilot. That transaction immediately created a major player with a broad portfolio, expanding global distribution, and a surgeon-focused approach. A...
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Venture Spotlight: Capital with a Heart: Inside American Heart Association Ventures with Lisa Suennen

  With February being American Heart Month, we’re spotlighting American Heart Association Ventures and its evolution into a disciplined, mission-driven investment platform. Led by veteran venture capitalist Lisa Suennen, the organization bridges the gap between scientific discovery and real-world care, deploying capital across medical devices, women’s health, social drivers of health, and company creation/co-creation to accelerate heart and brain health innovation at scale. February is American Heart Month, recognizing cardiovascular disease as the leading cause of death for both men and women in the U.S. It also celebrates the research and innovations that are creating meaningful, equitable, and sustainable positive change for cardiovascular as well as brain health patients, and the healthcare system. Despite decades of research, these leading causes of mortality and disability continue to exact an enormous toll across the entire population, and also uniquely among women, who rema...
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