With two major exits and a third pending, the traditionally high-tech-heavy investor's new strategy is paying off. Safeguard's lower appetite for risk in the life sciences means focusing on companies with existing or near-term revenues, cash flow, and net worth being built up, rather than dependence on a regulatory or clinical milestone as an inflection point. The firm also boasts an ability to bolster the management and operational capabilities of its young companies.

Noteworthy news from medtech start-ups. This month we profile Auxogyn, which is developing imaging tools for improving success rates for in vitro fertilization, and Urovalve, which has developed patient-activated bladder management technology.

Investments for start-ups seeking their first infusion of venture capital continues to be scarce as venture firms seek later-stage opportunities and liquidity to improve their own chances of raising new funds.

Auxogyn Inc. believes it has found a way to increase the success rate of in vitro fertilization procedures. Its new, noninvasive imaging technology is designed to provide novel data regarding the viability of an embryo, and using time-lapse imaging, will allow embryologists to determine which embryos have the highest likelihood of developing into blastocytes and result in a health pregnancy.