Galway firm Vivasure secures €16m as it rolls out first European product
Galway medical device firm Vivasure Medical has secured €16.2m in backing from investors as it starts to roll out its first product in Europe.
Vivasure, which was co-founded by chief executive Ger Brett, has developed a technology – PerQseal - that enables surgeons to quickly and easily repair puncture holes caused by arteriotomies for catheter-based procedures. The first product using the technology is the Vivasure Closure Device.
The new funds will also enable Vivasure to undertaken a regulatory study in the United States that should see the firm’s product made available there in 2018, Mr Brett told Independent.ie.
The fundraising has been backed again by Vivasure’s anchor investor, Ireland-based Fountain Healthcare Partners, a life science-focused venture capital fund with €176m under management. It has invested in two previous fundraising rounds undertaken by the Galway company.
Other investors in the latest fundraising round for Vivasure include Life Science Partners of The Netherlands; Evonik Venture Capital from Germany; and Panakes Partners from Italy.
The funding almost doubles the total amount of money Vivasure has raised since it was founded in 2008.