Brazil-based medical equipment and clinical diagnostics technology supplier Adavium Medical has secured $21m in series C funding from investors including CVF, an affiliate of US-based holding group Henry Crown and Company.
The round included all Adavium’s existing backers, including venture capital firms Venrock, Aberdare Ventures and Arboretum Ventures, and increased its overall funding to $47m.
Formerly known as Advance Medical, Adavium forms partnerships with foreign companies to supply medical devices and clinical diagnostics technology to the Brazilian market while also developing and commercialising its own technology.
The company’s medical equipment includes devices for aesthetics, dermatology, plastic surgery, vascular surgery and gynaecology, while its diagnostics business supplies equipment and reagents to laboratories.
The capital supported the acquisitions of Brazil-based clinical diagnostics companies Alka Tecnologia and Hemogram Industria e Comercio, deals which Adavium claims makes it the country’s largest medical equipment and diagnostics company based on sales and customer numbers.
Venrock teamed up with various Brazil-based institutional and angel investors to provide $6m in series A financing for Advance Medical in 2011 before Aberdare and Arboretum came on board for a $20m series B round two years later.
– Image courtesy of Adavium Medical, Inc.