BioStar Ventures, a med tech venture capital company, has raised US$ 68.8 million for the third early stage fund. This surpasses the collective sum of its previous two funds, which is US$ 65 million. The main focus of BioStar Ventures is connected health technology and medical device in the field of orthopedics and cardiovascular surgery. The company hopes to invest in around 15 to 19 med tech firms with the help of the new fund over a span of five years.
Limited partners have already begun responding to the existing successes of the firm. BioStar Ventures has a portfolio of over 30 early stage or seed med tech companies. The company said that of these, nearly half have already been acquired by leading medical device firms. These include the sale of Reverse Medical, the endovascular startup, for an anonymous amount to Covidien in 2014.
Dr Louis Cannon, founder of BioStar and senior managing director said in a statement that the business model at the company is to help world famous practicing physicians to offer cutting edge medical expertise and clinical insight to the team at BioStar Ventures. The hope is also to allow these physicians to offer enhanced value and informing investment decisions to both investors as well as entrepreneurs.
Dr Louis Cannon added that the support from the new and current investors at BioStar Ventures, as well as the company’s stellar track record of successful exits, proves that their investment ideology enables health innovations to realize their market potential to improve patient care.
The third fund by BioStar Ventures is focused particularly on innovation in medical device, as directed by a panel of major opinion leaders of the firm who are practitioners in orthopedic or cardiovascular intervention. The company’s target is to develop devices to be used specially in these two disciplines of medicine.