Aegea, the US-based developer of a device to treat endometrial ablation, raised $40m in financing on Tuesday from a consortium featuring medical device maker Medtronic and real estate services provider BioMed Realty.
Hedge fund sponsor Perceptive Advisors invested $30m to lead the round, which included venture capital firms Alloy Ventures, Delphi Ventures and Solas BioVentures, while BioMed participated through corporate venturing subsidiary Biomed Ventures.
Founded in 2008, Aegea has built a water vapour-based device for abnormal uterine bleeding in women, a condition characterised by heavy and prolonged menstrual bleeding. The treatment can take as little as four minutes and can be administered from a doctor’s office.
Aegea will use the cash to fund its day-to-day operations as it nears general release of its product in the US. The company has now raised more than $97m in total, including $6m in debt financing according to a 2008 regulatory filing.
Covidien, the medical device producer acquired by Medtronic in 2015, joined Delphi Ventures and Alloy Ventures to supply $2m of series A funding for the company in 2008, after the latter two had provided it with an undisclosed amount of seed funding.
The same three investors returned for Aegea’s $13.3m series B round in 2011. BioMed Ventures and Medtronic subsequently joined Alloy, Delphi and Solas BioVentures for its $36m series C round four years later.
Don Gurskis, president and chief executive of Aegea, said: “Aegea is at an important inflection point as we prepare to transform the experience for the millions of women suffering from abnormal uterine bleeding, and the physicians that serve them.”