Chemicals producer Evonik co-led a €16.2m ($18.3m) series C round today for Vivasure Medical, the Ireland-based developer of a bioabsorbable implant technology for blood vessel closure.
Evonik invested through its Evonik Venture Capital unit, co-leading the round with life sciences-focused investment firm LSP, which participated through its LSP Health Economics Fund.
The round also featured venture capital firm Panakès Partners and existing backers including VC fund Fountain Healthcare Partners. Fountain invested in Vivasure’s series A and B rounds, according to the company, but firm details are not available, though VC database CrunchBase states Vivasure raised €9m in a 2009 series A.
Vivasure will use the funding to commercialise the Vivasure Closure Device, the first device to be developed from its PerQseal technology platform, which closes large-bore puncture holes in blood vessels resulting from percutaneous transcatheter procedures.
Bernhard Mohr, head of venture capital at Evonik, said: “Solutions for health and medical technology are among the key growth areas for Evonik. Due to our technological competence in these areas and our existing product portfolio, Vivasure Medical fits strategically with Evonik.”
Vivasure Medical is utilising Resomer, a bioabsorbable polymer made by Evonik. Jean-Luc Herbeaux, head of Evonik’s healthcare business, added: “The participation in Vivasure Medical offers us the chance to open up a new and exciting area of application for Resomer.”