Dive Brief:
- Sofinnova Partners said Monday it closed an 82 million-euro fund ($93 million) that will support the launch and development of multiple new medtech ventures across Europe and the U.S.
- With the Sofinnova MD Start IV fund, the European venture capital firm expects to launch six to eight new medtech companies over the next five years.
- Those companies will receive capital and support from the Sofinnova team as they work toward clinical and operational milestones. Partners Anne Osdoit, Cecile Dupont and Mano Iyer, principal Marion Gasperment, analyst Jérémie Wisniewski and venture partners Gérard Hascoët and Josh Makower lead the firm’s investment strategy.
Dive Insight:
Sofinnova, which has offices in Paris, London and Milan, focuses on breakthrough innovations in the life sciences. The firm, with over 4 billion euros ($4.54 billion) under management, has backed more than 500 companies since its founding in 1972.
Sofinnova’s previous fund, the 63-million-euro Sofinnova MD Start III, invested in six companies that raised more than 140 million euros in follow-on financing.
Among Sofinnova’s portfolio companies are: LimFlow, acquired by Inari Medical; PreCARDIA, acquired by Abiomed; heart pump developer CorWave; AI software developer BrightHeart and surgical robotics firm Moon Surgical. Moon’s Maestro system, which received Food and Drug Administration clearance and CE Mark certification, has been used to treat more than 3,700 patients to date.
“With Sofinnova MD Start IV, we look forward to continuing to work closely with engineers, clinicians, and scientists to advance their transformative medical technologies from the lab to the clinic,” Osdoit, who is also CEO of Moon, said in a statement.
