Speciality chemicals company, Evonik, has invested in 3D-printing start-up, Meditool in China. Meditool makes implants for neuro and spine surgery.
Evonik is the lead investor in a high single-digit million-euro round of fundraising for Shanghai-based Meditool.
Bernhard Mohr, head of Evonik Venture Capital said: “This is our first direct investment in China and our first direct investment after initiating our second venture capital fund this year.
“Meditool is a good example of how venture capital is helping Evonik secure access to disruptive technologies.”
The hardware and software systems developed by Meditool can read and process images directly from commonly used magnetic resonance imaging (MRI) or computed tomography scan (CT) devices. A readily printable 3D model is able to be generated by the software and then sent to the printer. The implants are then 3D printed with a polyetheretherketone (PEEK) which is supplied by Evonik. Evonik markets its high-performance polymer PEEK under the name Vestakeep. This technology aims to enable faster recovery and fewer post-operation checks for patients, as well as reduced surgical risk for doctors.
Thomas Grosse-Puppendahl, head of Evonik’s innovation growth field additive manufacturing commented: “Meditool’s technology pays directly into our strategy of expanding in high-tech applications for our additive manufacturing materials.
“Medical applications are of particular interest and our high performance polymers have already been proven as a reliable implant material in other applications such as dental.”
3D printing provides opportunities such as the ability to customise implants for a particular person. This therefore reduces the likelihood that further operations will be required to adjust the size, shape or positioning of the implant. Additionally, PEEK is less thermally conductive than previously used metal, which means that patients won’t be in danger of the implant heating up or cooling down excessively when they are exposed to hot and cold temperatures. The material is also biocompatible, and CT and MRI examinations are possible after surgery.
“Meditool is one of the pioneers in developing 3D printed PEEK medical implants,” stated Ken Jin, co-founder and chief technology officer of Meditool. “Evonik has been our trusted partner in materials supply. The venture investment will be an extra boost to our endeavor to bring innovative solutions to patients and surgeons in China and the rest of the world.”
The Chinese market is thought to be the world’s second largest for medical implants and has an expected annual growth rate of 10-15 percent. “China is a key growth market for Evonik and one of the main drivers of innovation worldwide,” added Claas Klasen, president Evonik Asia North region. “It not only fosters leap-frog technology, it has the population and growing middle-class to drive fast-paced demand.”
This is the first direct investment for Evonik’s venture capital arm, following two previous investments in funds within China. Other co-investors in Meditool include ZN Ventures, Morningside Ventures and Puhua Capital.