A portrait of David Neustaedter, Medtronic's former VP of venture investments

David Neustaedter was formerly Medtronic’s VP of venture investments. [Photo courtesy of Medtronic]

David Neustaedter, the former VP of venture capital at Medtronic (NYSE: MDT), said today that he is now a venture partner at Deerfield Management Co.

Neustaedter said on LinkedIn that he started in his new role in the New York-based investment firm’s medical technologies practice this week.

August was his last month with Medtronic after a 14-year career, including seven years at Covidien before Medtronic bought it. It’s not clear who will replace him at Medtronic; the company has not responded to messages seeking more information.

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Deerfield reported more than $16.2 billion worth of assets under management for 10 clients identified as pooled investment vehicles in its latest disclosure with the Securities and Exchange Commission. That total includes nearly $164.4 million managed for at least one client outside of the U.S., according to the filing.

“Deerfield is an investment firm dedicated to advancing healthcare through information, investment, and philanthropy — all toward the end goal of cures for disease, improved quality of life, and reduced cost of care,” Neustaedter wrote, mirroring language from the investment firm’s website. “…. Deerfield generally maintains a combined portfolio of more than 200 private and public investments across the life science, medical device, diagnostic, digital health and health service industries at all stages of evolution from start-up to mature company.”

Neustaedter said in May that Medtronic has more than $500 million in venture investments. Medtronic is the largest medical device company in the industry, with more than $30 billion in annual revenue, according to our 2022 Medtech Big 100 rankings.

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