Ascension Ventures, an investment fund representing 13 healthcare providers in the United States, contributed to a $260m series D round for US-based medical device developer Imperative Care yesterday.
Investment firm D1 Capital Partners led the round, which included private equity firm Bain Capital’s Life Sciences subsidiary as well as HealthCor Investments, Innovatus Capital Partners, Ally Bridge Group, Delos Capital, Rock Springs Capital and Amed Ventures.
Imperative Care was spun off from medical technology accelerator Incept in 2015 and produces medical devices used in the surgery of patients suffering from strokes. Its products include an access catheter for navigating into blood vessels in the brain and a device used to remove clots during ischemic strokes.
The funding will go to the development and commercialisation of Imperative Care’s stroke care technology, and it intends to create a strategic network of subsidiaries in relevant business areas.
The company also announced it has acquired Truvic Medical, a developer of vascular thrombus management technology, in an all-share deal.
Truvic launched as an independent development programme facilitated by Imperative Care in 2019, and some of the series D cash will be used to develop and commercialise its technology.
Imperative Care raised $85m in a February 2020 series C round co-led by Ally Bridge Group and Bain Capital Life Sciences with backing from existing investors Ascension Ventures, Incept, Delos Capital, Rock Springs Capital and 3H Health Investment.
The company had reached a $79m first close for the series C in December 2019. Regulatory filings show it had received $3m in funding in April 2017 and $21m three months later from undisclosed investors.