S3V Vascular Technologies, a Mysuru-based medical devices manufacturing firm, has secured Rs 300 crore in Series B funding from prominent investors, including Larsen & Toubro (L&T) chairman emeritus AM Naik and investor Madhusudan Kela.RARE Enterprises CEO Utpal Sheth, along with former L&T directors JD Patil, JP Naik, and Sumit Jalan, director at Credit Suisse Securities India, were among the 65-75 ultra-high net worth individuals (UHNIs) who invested in through the round.We intend to use the proceeds to set up a manufacturing facility for neurovascular devices at Mysuru. Some part of the proceeds would be used for marketing initiatives, while we are also looking at securing approvals from the US Food and Drug Administration for the plant, S3V Vascular Technologies director and CEO N G Badari Narayan told FE in an interaction.At the current facility we can manufacture 600-1,000 kits every month, and with the commissioning of the new facility, we will be able to manufacture about 50,000-60,000 kits. At present, about 90% of medical devices are imported and this presents an opportunity for growth in the sector, he added.Founded in 2011 at the Indian School of Business, Hyderabad, with initial funding from nine classmates, including Satyanarayana Chava, CEO of Laurus Labs, and Aju Jacob, joint MD at Synthite, the company established its first R&D facility in Mysuru in 2013. S3V Vascular Technologies previously raised approximately Rs 40 crore in Series A funding from members of the Jain International Trade Organisation (JITO) and assistance from the Indian governments Technology Development Board.Industry forecasts predict the Indian medical devices market to reach $50 billion by 2025, with an annual growth rate of 15-20%.With a population of 1.4 billion, India is expected to conduct 500,000 neuro interventions and 1.5 million cardiovascular procedures annually by 2030.