What ExploraMed does

ExploraMed is a venture-backed medical device incubator founded in 1995 and headquartered in Mountain View, California. The company identifies persistent unmet clinical needs across multiple therapeutic areas, including ENT, urology, orthopedics, women's health, obesity, and vascular access, and develops minimally invasive medical device solutions through dedicated portfolio companies. ExploraMed's business model is to create, fund, and operate medical device ventures through successive fund cycles (ExploraMed I through V), partnering primarily with New Enterprise Associates as its anchor investor, and ultimately spinning off or selling these companies to strategic acquirers.

ExploraMed has created 8 companies through four prior funds, generating notable exits including EndoMatrix (acquired by C.R. Bard in 1997), TransVascular (acquired by Medtronic in 2003), Acclarent (acquired by Johnson & Johnson in 2010), NeoTract (acquired by Teleflex for approximately $1.1 billion in 2017), Nuelle (acquired by Aytu Women's Health in 2017), and Revelle Aesthetics (acquired by Tiger Aesthetics in 2024). Current active portfolio companies include the X9 Ecosystem Platform (an AI-powered ultrasound-guided procedural guidance system), Moximed (Atlas System for knee osteoarthritis), Willow (mobile breast pump), and Vibrynt (Prevail obesity balloon implant).

The incubator operates a lean team of 11-50 employees led by Founder and Executive Chairman Joshua Makower, a Stanford University Professor of Medicine and BioEngineering who holds over 300 patents, alongside President and General Counsel Earl Bright. ExploraMed does not sell products directly to end consumers; instead, revenue mechanics derive from fund management fees, equity ownership in portfolio companies, and carried interest crystallized upon exits. Strategic partnerships with companies like DaVita (for X9) provide clinical validation channels and capital infusion for individual portfolio ventures.

Name

ExploraMed

Legal name

Exploramed Development LLC

Website

https://exploramed.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

11–50 employees

Short description

ExploraMed is a venture-backed medical device incubator founded in 1995 that identifies unmet clinical needs and develops minimally invasive device solutions through portfolio companies, partnering with New Enterprise Associates across multiple fund cycles.

Ownership category

akta.pro rank

Headquarters

HQ city

Mountain View

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Others

Marketing channels1 record

Core offering

ExploraMed is a medical device incubator that identifies persistent unmet health needs from the perspective of patients and physicians, then creates and funds standalone companies to develop cutting-edge, cost-effective device solutions. The incubator operates across multiple funds (I through V), partnering with New Enterprise Associates, and has spun out 8 companies to date, with current active portfolio companies including X9 (AI-ultrasound procedural ecosystem), Moximed (knee osteoarthritis implant), Willow (mobile breast pump), and Vibrynt (obesity balloon implant).

Product overview

ExploraMed is a medical device incubator that develops and spin-offs multiple medical device companies. The current active portfolio includes the X9 Ecosystem Platform (a comprehensive hardware/software/services ecosystem with AI-powered ultrasound imaging), Moximed Atlas System (knee osteoarthritis implant), and Willow (mobile breast pump). Previously acquired companies include Acclarent (ENT devices, acquired by J&J), NeoTract/UroLift (urology devices, acquired by Teleflex), TransVascular (vascular access catheters, acquired by Medtronic), Nuelle (women's health devices, acquired by Aytu), Endomatrix (tissue bulking, acquired by CR Bard), and Revelle Aesthetics (aesthetic devices, acquired by Tiger Aesthetics). The incubator operates through multiple funding rounds (ExploraMed I through V) and partners with investors including New Enterprise Associates (NEA).

Differentiator

Problem solved

Functional benefit

Products and services

• X9 Ecosystem Platform Comprehensive healthcare ecosystem combining hardware, software, and services with real-time AI-powered ultrasound imaging and micro-level precision for point-of-care procedures including vascular access, biopsies, nerve blocks, and tumor ablations.
• Willow Mobile Breast Pump All-in-one mobile breast pump that is cord-free, hands-free, and fits inside a bra, designed to allow breastfeeding mothers to pump discreetly without being tethered to a wall.
• Moximed Atlas System Minimally invasive joint-sparing implant system for early osteoarthritis of the knee, designed to reduce pain and improve function by unloading the knee joint.
• Vibrynt Prevail Minimally invasive saline-filled expandable balloon implant placed above the stomach in the abdominal cavity for treatment of obesity.

Quantifiable outcome

• Successfully created 8 companies through four prior funds
• +1 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Partnerships

One partnership is on record.

• DaVitaflagshipStrategic or Co-development PartnerDaVita invested in X9 through its venture group. X9 is developing an ultrasound-guided device for dialysis cannulation. DaVita is a leading dialysis provider seeking to reduce cannulation-related complications and costs while improving patient outcomes.

Scale indicators2 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• InCube Labs: Silicon Valley medical device incubator founded by Mir Imran, with the same model of identifying unmet clinical needs and forming companies around novel medical devices. Comparable in scale, geography, and approach as a privately-held medtech venture studio.
• The Foundry: Medical device incubator founded by Hanson Gifford that pioneered the venture studio model of creating multiple medtech companies from a single platform. Closely comparable to ExploraMed in approach, though it was acquired into Lightstone Ventures in 2017.
• Coridea: Medical device incubator founded by serial medical device inventors Howard Levin and Mark Gelfand. Uses a similar approach of identifying unmet clinical needs and forming companies to develop novel therapeutic devices.

Broad incumbents

• Teleflex: Medical device incumbent that acquired ExploraMed's NeoTract for $1.1B in 2017. Comparable as a serial acquirer of venture-backed medtech companies and a relevant exit partner for future ExploraMed portfolio exits.
• Medtronic: World's largest medical device company and ExploraMed's acquirer of TransVascular in 2003. Relevant as both a historical exit partner and a benchmark for the type of strategic acquirer ExploraMed targets.
• Johnson & Johnson MedTech: Medical device incumbent that acquired ExploraMed's Acclarent in 2010. Board member Susan Morano previously led business development and strategic operations for J&J's $30B medtech group, evidencing the relationship.
• Boston Scientific: Major medtech incumbent across cardiology, urology, and other specialties where ExploraMed has created portfolio companies. Board member Susan Morano serves on Boston Scientific's board, evidencing the relationship.
• Stryker: Major orthopedic medical device incumbent relevant given ExploraMed's Moximed portfolio (knee OA implant). Stryker is a likely strategic exit partner for orthopedic-focused ExploraMed companies.

Others

• New Enterprise Associates (NEA): Major venture capital firm and ExploraMed's long-term financial partner across all five fund cycles since 1996. As LP and co-investor in nearly every ExploraMed company, NEA is the most important financial ecosystem relationship for the incubator.
• Stanford Byers Center for Biodesign: Stanford University program co-founded and directed by ExploraMed founder Joshua Makower. Serves as the primary talent and innovation pipeline for ExploraMed, with Biodesign Innovation Fellows frequently joining ExploraMed portfolio companies.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/Exploramed-NC-7-737467533302943

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries10 records

Funding overview

Funding rounds6 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ExploraMed