US-based medical device developer Genesis Innovation Group has raised $7.2m for an early-stage healthcare fund called Cultivate(MD) Capital Fund with a $10m target close.
Founded in 2013, Genesis partners developers of healthcare technologies through company launches as well as seed and pre-seed investments. Cultivate(MD) will invest across the healthtech spectrum but will focus on medical device and orthopaedic technologies.
The fund is already operational and has opened diligence with multiple unspecified companies. Past recipients of Genesis funding include alloy surgical implant developer Magnesium Development Company and shoulder arthroplasty device maker Shoulder Innovations.
Cultivate(MD) will have access to Genesis personnel and contacts for its investment activities. Genesis launched the vehicle in November 2017.
Rob Ball, CEO of Genesis Innovation Group and managing director of Cultivate(MD), said: “Healthcare continues to be a dynamic space, and inventors and entrepreneurs face significant risk during their development stages. Cultivate(MD) brings the necessary capital and access to an experienced team that will guide an innovation to market.”