David Neustaedter, VP of venture capital at Medtronic (NYSE: MDT), has left the world’s largest medical device maker for a private investment firm.
Neustaedter said on LinkedIn that August was his last month with Medtronic after a 14-year career, including seven years at Covidien before Medtronic bought it.
He did not name his next company, but said he is “looking forward to learning from a new group of talented professionals, and continuing to [support] some of the most promising companies in medtech.”
The finance executive said he has served as director or observer on the boards of more than 25 venture-backed companies during his time at Medtronic. He estimated 1 million to 2 million people have been helped by the products made by companies that he’s led or managed investments in.
“The Medtronic Mission to help patients is referenced in most major meetings at Medtronic and an omnipresent element of company culture,” he wrote. “For some of my former colleagues the Medtronic Mission infuses their daily work in ensuring the safety of devices implanted in patients, the execution of clinical trials evaluating a new device, or building the relationships with physicians that enable appropriate use of these therapeutic tools. For me, the Mission translated to 14 years of being able to tell my kids that my job was helping small companies develop products to improve people’s health.”
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Neustaedter thanked his former colleagues at Medtronic as well as his partners outside of the company.
“There are so many people at Medtronic that I’ve learned from and enjoyed getting to know. There are a remarkable number of people at every function and level that bring passion and competency to their jobs and are always willing to engage to help or support a colleague like me,” he said. “… So thank you to all the leaders, team members, other colleagues, and partners outside of Medtronic who gave me opportunities, taught me, responded to my emails, shared your time and expertise, pointed me in the right direction, or supported me on a given deal or in helping a Medtronic portfolio company from 2008 to 2022. To me, Medtronic will always be a lot of great people with a terrific mission, and I’m proud to have worked with you all!”
It’s not clear who will succeed Neustaedter. Medical Design & Outsourcing has reached out to Neustaedter and Medtronic for more information and will update this story when it is available.
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.