Ivantis advances to $25m series C

EDBI and Vertex Ventures-backed Ivantis has closed a series C round that featured Mérieux Développement and Ascension Health.

US-based medical device company Ivantis, backed by the Singaporean government’s investment arm EDBI, closed a $25m series C round on Monday led by RA Capital Management.

The round included Mérieux Développement, the investment arm of healthcare technology developer Institut Mérieux, and Ascension Health Ventures, the corporate venturing division of healthcare provider Ascension Health.

New Enterprise Associates (NEA), Delphi Ventures, Foresite Capital, GBS Ventures and MemorialCare Innovation Fund also took part in the round.

Founded in 2007, Ivantis is developing products to treat glaucoma. Its lead product, Hydrus Microstent, is a device the size of an eyelash that is placed in a patient’s eye through a minimally invasive microsurgery procedure and reduces eye pressure.

The series C funding will support the company’s activities through 2020 and enable the commercialisation of the Hydrus Microstent in the US following an anticipated approval by regulator Food and Drug Administration in 2018.

Ivantis previously closed a $71m series B round, raised over four tranches, in 2014. The series B included EDBI as well as Vertex Ventures, a VC firm backed by Singapore state-owned investment firm Temasek Holdings.

Remaining series B investors were Ascension Health Ventures, Foresite Capital, NEA, Delphi, GBS and MemorialCare Innovation Fund.

In 2011, Ivantis obtained $17m in series A funding from Delphi and NEA, having been incubated by the latter firm.

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