Veniti Raises $13.5M in Series A Financing
Summary
Veniti, Inc. , a St. Louis, Mo.-based medical device company focused on the development of innovative solutions for the comprehensive treatment of chronic venous insufficiency (a condition that affects up to 20% of all U.S. adults), has raised $13.5m in The round was co-led by Baird Venture Partners, H&Q Healthcare Investors (NYSE:HQH) and H&Q Life Sciences Investors (NYSE:HQL), with participation from Prolog Ventures, St. Louis Arch Angels and a number of individual investors.The company intends to use the funds to: – acquire two additional medical device companies Varix Medical Corporation (Sunnyvale, CA) and Teneo Medical Development (Fremont, CA), and – begin commercialization of multiple products singularly focused on treating chronic venous disease.Led by President and CEO Sean Morris, Veniti has developed a platform that is designed to provide medical professionals with a comprehensive solution for treating venous disease, including a vapor-based endovenous ablation system, a vena cava filter anchoring technology, and a stent system designed specifically for treating this complex disease.In conjunction with the funding, Mr. Morris, Michael Liang, Ph.D., Partner at Baird Venture Partners, and Frank Gentile, Ph.D., of Hambrecht & Quist Capital Management, LLC, will join Veniti’s Board of Directors.Dr. Tom Duerig, the President and CEO of Nitinol Devices & Components, Inc. (NDC), a provider of Nitinol materials and components to the medical device industry, will also join the Board of Directors.
Funding
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