Synoste

The company's core product was the Synoste Nitinail, a telescopic intramedullary nail designed to be implanted into the bone. This system utilized smart materials, specifically a nickel-titanium shape memory alloy, which would expand with precision when gently heated. The heating process was managed by the patient at home using a wireless, external device that transferred energy to the implant via electromagnetic induction. This process, performed for short durations daily, would gradually lengthen the bone by up to 7 centimeters. The approach was developed to reduce the high rates of pain, infection, and other complications associated with traditional external fixators. The technology platform was also envisioned to extend to other applications, including spinal and craniomaxillofacial corrections.

Synoste's business model revolved around the development and future sale of these medical devices to the global orthopedic market. Throughout its operation as an independent startup, the company secured significant funding to advance its product from prototype to clinical trials. It raised a total of $11 million over six funding rounds from a syndicate of investors including High-Tech Gründerfonds, Lifeline Ventures, Evonik Venture Capital, AO Invest, and Finnvera. In October 2020, Synoste was acquired by Globus Medical, a U.S.-based musculoskeletal solutions company, for $23.5 million. Following the acquisition, co-founder Harri Hallila, who had served as CEO, transitioned to a role at Globus Medical to continue overseeing the technology's development.