Truffle Capital Unveils the First Edition of the Truffle MedTech 10

PARIS--(BUSINESS WIRE)--Truffle Capital, a leading European venture capital firm whose mission is to support the creation and growth of companies capable of becoming global leaders, unveils the Truffle MedTech 10 index. This is the first ranking of the top ten publicly traded companies by market capitalization in the pre-commercial and early commercial interventional MedTech sector.

Using PitchBook (https://pitchbook.com) data as of March 12^th, 2026, this list identifies companies developing medical technologies dedicated to interventional therapeutic procedures. The ranking focuses specifically on "pre-commercial" and “early commercial” listed companies with 2025 reported revenues below 10 million USD.

Ranking	Company	Stock market	Market Cap ($M)	HQ location	Medical field
1	Pulse Biosciences	NAS: PLSE	1,380	USA	Cardiovascular
2	Anteris Technologies	ASX/NAS: AVR	641	USA / Aus	Cardiovascular
3	Jenscare	HK: 9877	472	China	Cardiovascular
4	Imricor	ASX: IMR	440	USA	Cardiovascular
5	EBR Systems	ASX: EBR	235	USA	Cardiovascular
6	Carvolix	EPA: CVX	220	France	Cardiovascular
7	ONWARD Medical	EBR: ONWD	214	Netherlands	Neuromodulation
8	Microbot Medical	NAS: MBOT	183	USA	Cardiovascular
9	Medinice	WSE: ICE	91	Poland	Cardiovascular
10	Creo Medical	LON : CREO	78	UK	Gastroenterology/ Pneumology/ Urology

Dominance of the Cardiovascular Sector

This first edition highlights a major trend: the predominance of the cardiovascular sector, which accounts for 8 out of 10 spots in the ranking. This concentration is driven by several key factors:

i. Major Medical Need: Cardiovascular pathologies remain a global health priority
ii. High Technology Adoption: Cardiac specialists (especially interventional cardiologists) are the most eager clinicians to adopt new technological solutions for new indications
iii. Massive Investment Dynamics: This field attracts the largest financing flows and remains a primary driver for M&A activity in the sector

Notably, no companies from the orthopedics sector appear in this first ranking.

USA in the Lead, Europe and China also represented

While the United States confirms its historical leadership with five represented companies -accounting for 75% of total market capitalizations of the Truffle MedTech 10 index and led by Pulse Biosciences ($1,380M)—the Truffle MedTech 10 index highlights notable geographic diversity. Europe demonstrates its competitiveness and capacity for innovation with the presence of France (Carvolix), the Netherlands and Switzerland (ONWARD Medical, HQ in Netherlands, R&D center in Switzerland), Poland (Medinice) and UK (Creo Medical). Finally, Jenscare’s 3^rd place ranking, with a market capitalization of $472M, highlights the emergence of the Chinese sector.

Philippe Pouletty, M.D., Co-Founder and CEO of Truffle Capital, stated: "This inaugural Truffle MedTech 10 index highlights the vitality of interventional MedTech, particularly in the cardiovascular field which largely dominates this ranking. These 'pre-commercial' and ‘early commercial’ companies are future leaders whose products will transform clinicians’ and patients’ lives. Their growing market capitalization demonstrates investor confidence in their ability to transform standards of care, democratize complex procedures and improve patient life. While the United States confirms its leadership, the emergence of European players is promising."

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About Truffle Capital
Founded in 2001, Truffle Capital is an independent European Venture Capital firm specializing in disruptive technologies in the Life Sciences (Biotech, MedTech) and IT sectors (Fintech and Insurtech). Truffle Capital's mission is to support the creation and development of innovative companies capable of becoming the leaders of tomorrow.
Managed by Philippe Pouletty, M.D. and Bernard-Louis Roques, Co-founders and co-CEOs, Truffle Capital manages €500 million in assets. Truffle Capital raised over €1.2 billion since its creation and has supported more than 124 companies in the life sciences and digital technology sectors.
In 2025, Abivax, biotech founded and funded by Truffle, reached $10Bn market capitalization on NASDAQ following strong Phase III results in ulcerative colitis. Truffle Capital recently replicated this Business Builder model on the MedTech Carvolix, integrating autonomous AI-driven mini-robotics solutions for heart valve replacement and brain stroke treatment.
Website: https://www.truffle.com/
LinkedIn: https://www.linkedin.com/company/truffle-capital/