US-based medical technology company Medtronic has joined a consortium investing $24m in the series C round for US-based eye lens implant developer PowerVision after buying out two peers earlier this month.
Stephen Oesterle, senior vice president of medicine and technology at Medtronic has joined PowerVision’s board as an observer.
Medtronic joined venture capital firms Venrock, Advanced Technology Ventures, Frazier Healthcare Ventures and Panorama Capital in the round, which will help finance PowerVision’s research and development.
Advanced Technology and Frazier had previously contributed to PowerVision’s $20m series B round in December 2007, together with JP Morgan Partners, the US-based financial services conglomerate’s former private equity unit. PowerVision’s series A round was reported as raising $9m in 2004, according to news provider Venturebeat.com. This means the company has raised at least $53m in total.
Barry Cheskin, president of PowerVision, said: "We’re extremely pleased to have added Medtronic to our investor team. We believe [its] financial contribution as well as their involvement on our board will be very valuable to the company as we move forward."
Earlier this month, Medtronic had acquired surgical technology companies Peak Surgical and Salient Surgical Technologies.