Three Kiwi medical tech startups collapse after funding shortfall

Three New Zealand medical technology companies – Upstream Medical Technologies, Tiro Medical, and Exsurgo – have entered liquidation after failing to secure further investment.

Despite early backing from Callaghan Innovation, universities, and venture capital funds, all three firms struggled to raise sufficient capital to commercialise their diagnostic and treatment tools.

Upstream, spun out of Otago University, owed $2.75m, while Christchurch-based Tiro faced $1.05m in debts, both citing unsustainable funding models. Exsurgo, which developed a $15m wearable pain management device called Axon, collapsed under $5.48m in liabilities after UK-based Pinewood Investments, its secured creditor, called in debts. Liquidators are now seeking buyers for the companies’ intellectual property.

Image credit: Galina Nelyubova