Amber Therapeutics’ Series A wasn’t just a headline—it was a milestone. In one of the largest European Series A medtech financings to date, the company raised $100M to advance its closed-loop neuromodulation therapy for mixed urinary incontinence. But this wasn’t just a story of capital; it was a story of timing, trust, team-building, and a smart pivot in development strategy that united top-tier financial and strategic investors.

During a panel at LSI Europe ’24, Amber’s CEO and Co-Founder Aidan Crawley joined a panel of investors to unpack how the round came together, what made Amber a standout, and why the hard work has only just begun.

From MVP to Momentum: How Amber Built Early Trust

Amber’s trajectory began with an unconventional but highly effective strategy—leverage proven tech to validate a new therapeutic use case fast.

“We got to a first-in-human implant in 18 months on a couple of million dollars,” said Aidan Crawley. “Half of that was non-dilutive funding. That’s unheard of in medtech. It let us test our therapy like you would in software—quick, cheap, and with enough data to build trust.”

This approach allowed Amber to sidestep one of medtech’s toughest hurdles: the slow, expensive minimum viable product (MVP) cycle. With access to a brain-implanted neuromodulation device from Co-Founder Tim Denison’s prior work, Amber tested its concept in a fraction of the time—and cost—it would take to develop new hardware from scratch.

“That early validation was everything,” said Caroline Gaynor, Partner at Lightstone Ventures. “These guys did what every startup should do: pull off-the-shelf tech, prove the value, and only then raise serious money.”

The Long Game and Amber Therapeutics’ Series A

Once early efficacy was established, the team focused on vertical integration. Crawley led the acquisition of the device company supplying Amber’s hardware—a move that proved pivotal in enabling Amber to own its tech stack, streamline development, and raise its landmark Series A.

“There are not many funds that would lend you the money to buy a company on a convertible note with no guarantee of a raise around the corner,” said Crawley. “But OSC did. That kind of investor-founder partnership made Amber Therapeutics’ Series A possible.”

The raise drew in blue-chip firms like NEA and F-Prime Capital, alongside strategics like Intuitive Ventures. Why? Amber wasn’t just chasing a niche—it was reimagining the clinical pathway for a condition affecting hundreds of millions globally.

“This is a massive market, massively underserved,” said Gaynor. “For the first time, you can address both stress and urge incontinence with one device. The unmet need is clear.”

Strategic Capital and the Value of Investor-Founder Alignment

The panel underscored the value of a well-balanced syndicate. Intuitive Ventures, represented by Murielle Thinard McLane, wasn’t just a strategic investor—they were a strategic thinker.

“We’re not in this space directly,” Thinard McLane explained, “but we think like a strategic. We help our companies focus on product-market fit from day one.”

That mindset brought unique diligence insights. “They asked very different questions,” said Crawley. “Reimbursement, payor environment—the kind of things that shape long-term success. That perspective was immediately valuable.”

The panelists emphasized how alignment on vision and expectations is critical, especially at this scale.

“A $100M raise is a milestone, not a victory lap,” said Gaynor. “The expensive part is still to come. This team knows that.”

After the Raise: Keeping Momentum and Culture Intact

Despite the buzz, the panelists were candid: raising $100M is hard. Executing with $100M is harder.

“The real work starts now,” said Liliane Chamas of Oxford Science Enterprises. “This company’s story is still being written, and it’s going to be defined by how they execute—not by the headlines.”

For Crawley, maintaining the startup’s velocity during integration and scale-up has been the toughest challenge.

“The gloss fades fast,” he said. “Now, we need to keep building value every day. Our next clinical validation point is our true north.”

That same urgency was echoed by Thinard McLane: “Execution at scale. That’s what this round is for. Now it’s time to build.”

Conclusion: Why Amber Therapeutics’ Series A Matters

Amber Therapeutics’ Series A is more than a funding milestone. It’s a model for how capital-efficient, clinically driven startups can unlock massive markets—even in a tough environment. With the right therapy, the right team, and the right investor-founder alignment, the road to market doesn’t have to take a decade.

“Hard things happen in medtech,” Crawley said. “But when you have trust and timing on your side, you can do more with less and faster.”

The next chapter will be written in trials and execution. But if this $100M Series A is any indication, Amber Therapeutics is just getting started.

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