Seroba takes part in $45m funding round for Endotronix
Irish VC firm backs Chicago-based heart disease medtech start-up for second time
Seroba managing partner Peter Sandys. The Irish venture capital firm has invested further in Endotronix
Irish venture capital firm Seroba Life Sciences has participated in a new $45 million (€39 million) financing round for Endotronix, a US medtech company whose products are used in treating heart disease.
This is the second time that Seroba has invested in the Chicago-headquartered start-up, which makes a wireless implantable pulmonary artery pressure sensor for heart failure patients, who can then be monitored remotely.
Early last year, Seroba named Endotronix as the first investment under its third fund, which is valued at €100 million.
The latest funding round was led by LSP and also included Aperture Venture Partners, BioVentures Investors, Lumira Ventures, OSF Ventures, SV Health Investors, Wanxiang Healthcare Investments, and an unnamed investor.
Endotronix, which has secured investment of $104.1 million (€89.5 million) over nine rounds, intends to use the additional funds to support the commercialisation of its Cordella technology through CE marking and FDA premarket approval.
The company was also a backer of Galway medical devices start-up Novate, which was recently sold in a deal worth up to $150 million (€129 million), and of Prexton Therapeutics, which was acquired by the Danish pharma giant Lundbeck in Marchin a deal that could be worth as much as €905 million.
Seroba, which co-led a €29 million Series B round for Prexton stands to make a return of up to €100 million on that deal.