German steute Technologies, backed by global investment firm Battery Ventures, acquires Oldelft Ultrasound from Smile Invest
Smile Invest today announces the sale of Oldelft Ultrasound, the leading independent developer and manufacturer of advanced transesophageal echocardiography (TEE) cardiac probes, to steute Technologies, a German-based global manufacturer backed by renowned US–EU technology investor Battery Ventures.
Steute Technologies designs and manufactures switches, sensors and system solutions that enable increased automation and safety across medical and industrial applications. The transaction further expands steute’s capabilities in the medical technology sector and strengthens its global position as a provider of critical technical solutions for medical equipment manufacturers.
Smile Invest acquired Oldelft Ultrasound in 2019 as part of its strategy to partner with innovative and ambitious companies in the healthcare sector. Since then, Oldelft has further consolidated its position as the market leader in ultrasound TEE probes for cardiac diagnostics and monitoring.
Headquartered in Delft, the Netherlands, Oldelft Ultrasound has more than three decades of experience in the development and manufacturing of high-performance cardiac ultrasound probes. The company supplies all major cardiovascular ultrasound OEMs directly, with its products used by clinicians worldwide. Oldelft is the only independent player in a globally growing market and holds a leading position in miniaturized probes for monitoring and diagnostic applications in pediatric and neonatal care.
The management team of Oldelft Ultrasound has successfully positioned the company as a trusted and reliable partner to leading cardiovascular ultrasound OEMs. Its strong reputation for quality, reliability, and regulatory excellence has resulted in long-standing customer relationships across the industry.
Under the ownership of Smile Invest, Oldelft made significant investments in its proprietary 4D ASIC platform and long-term technology roadmap. This enabled the successful transition from 2D to real-time 3D imaging, culminating in the launch of the world’s first 4D mini TEE probe. The probe is used both for diagnostic imaging in pediatric patients and for real-time monitoring during interventional cardiology procedures.
With steute Technologies and Battery Ventures as its new owners, Oldelft Ultrasound is well positioned to accelerate innovation, expand its global footprint, and continue to deliver state-of-the-art solutions for cardiac imaging.
“We are delighted to welcome Oldelft Ultrasound to the steute family,” said Martin Kunz, CEO of steute Technologies. “Oldelft brings an outstanding portfolio of high-performing cardiology probes, deep development expertise, and long-standing relationships with high-profile OEM partners. By combining their image-enabling technologies with steute’s customized user interface solutions, we significantly strengthen our Meditec segment and enhance our ability to deliver high-value, system-relevant solutions to our customers worldwide.”
Jesse Feldman, a Battery Ventures global partner and steute board member adds “Oldelft has a strong reputation for reliability, precision and deep collaboration with OEM customers. Pairing that expertise with steute’s medical interface solutions strengthens the combined group’s ability to support complex medical applications and deliver integrated, system-relevant solutions at global scale.”
Erwin Dumay (CEO) and Rob Smallenburg (former CEO & founder) at Oldelft comment: “We would like to thank the team at Smile Invest - Bart Cauberghe, Ivo Vincente, and Marie Charlotte Cosyns - for their strong support over the past seven years. Their support has been instrumental in achieving several important milestones in Oldelft’s development, most notably the successful introduction of our first 4D TEE probe, the mini4D. We are excited to become part of the steute Technologies group and would like to thank the team at Battery Ventures for making this transaction possible and for their confidence in us. We see a strong strategic and cultural alignment with steute and becoming part of steute Technologies will enable us to accelerate our growth, expand our technological capabilities and continue serving our customers at the highest level.”
Bart Cauberghe and Ivo Vincente, managing partners at Smile Invest complement: “We have been proud to partner with Oldelft Ultrasound, which combines niche technological expertise with strong healthcare relevance, and to have supported the company through key milestones, including the launch of its in-house developed 4D TEE probe platform, the advancement of its technology roadmap, and its move to new premises. We thank the entire management team, especially former CEO and founder Rob Smallenburg and CEO Erwin Dumay, for their dedication and collaboration. We also appreciate the trust of Battery Ventures and are confident that Oldelft Ultrasound is in excellent hands for its next growth phase.”
Smile Invest and Oldelft Ultrasound were advised by NautaDutilh and JSA on legal and tax matters.
About Smile Invest
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with over €500m of assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in four investment themes: Advanced technologies, Innovative Healthcare, Environment and Innovative B2B services. Since its inception in 2017, Smile Invest has invested in 20 platform companies in Belgium and the Netherlands. From its offices in Leuven and The Hague, the team supports ambitious entrepreneurs and management teams in realising their growth plans. Visit our website at www.smile-invest.com.
About steute
steute Technologies (www.steute.com) is a German-based international technology company that specializes in the development and manufacture of high-quality switching devices, sensors, and wireless networks for complex medical and industrial applications. Founded in 1961, the company is headquartered in Löhne, Germany, employing approximately 450 people and is represented in over 40 countries through dedicated facilities, sales subsidiaries and partners.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure/AI, and industrial technology and life-science tools. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from offices in Boston, San Francisco, Menlo Park, New York, London and Tel Aviv. Follow the firm on X @BatteryVentures, visit our website at www.battery.com and find a full list of Battery's portfolio companies here.
