US-based medical device developer InterVene closed the $5.9m first tranche of its series A funding yesterday led by medical device maker Boston Scientific.
The round also included North Texas Angels Network, venture capital firm Green Park and Golf Ventures, seed-stage investor LaunchCapital and unnamed angel investors.
InterVene is working on a treatment for chronic venous insufficiency, a medical condition where the veins are unable to pump back enough blood to the heart.
The condition can result in painful venous ulcers and costs the US healthcare system alone an estimated $2bn each year, and is currently treated mainly with compression stockings and wound care.
Intervene has created a minimally invasive valve based on technology from Stanford University’s Stanford Biodesign Fellowship that can restore venous pressure, and will use the series A funding to enter the valve into a two-stage clinical trial.
The Mountain View-based company is also moving to a new facility in Silicon Valley.