A Minneapolis-based medical manufacturing firm, CVRx, Inc., reported late Wednesday that it has sealed a US$29.6 million private equity funding deal. The company stated it projects to use the financed capital for the "primary purposes of advancing its clinical trials and expanding its international commercial activities." It formulated an implantable process designed to combat hypertension and heart failure.
One of the venture capital firms that handled the financing rounds was the New Enterprise Associates, Inc., a California-based firm. Another venture capital firm that was involved in the deal was Johnson & Johnson Development Corporation, a subsidiary of New Jersey-based Johnson & Johnson.
According to CVRx., New Enterprise Associates targets business people and makes investments at all phases of a company's expansion. New Enterprise Associates has US$13 billion in committed investment across its associated funds. On the other hand, Johnson & Johnson Development Corporation centers on project financed health care firms.
Minneapolis-based SightLine Partners and existing CVRx investors Texas-based BBT Fund were also contributors in the newest funding round.
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