PARIS, March 18, 2026--(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 12th, 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 3rd place ranking, with a market capitalization of $472M, highlights the emergence of the Chinese sector.

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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/

View source version on businesswire.com: https://www.businesswire.com/news/home/20260318140389/en/

Contacts

Truffle Capital 
Jules Herlem | [email protected] 
[email protected]

Media | Primatice 
Thomas de Climens | [email protected] 
Armand Rigaudy | [email protected]

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