US-based surgical device developer Imperative Care raised $79m yesterday from investors including Ascension Ventures, an investment vehicle representing 13 healthcare providers.
The amount, indicated by a regulatory filing, represents the first close of an $85m series C round the company said was co-led by private equity firms Ally Bridge Group and Bain Capital, the latter through its Bain Capital Life Sciences unit.
The round also featured company builder Incept, from which Imperative Care was spun off, as well as Delos Capital, Rock Springs Capital and 3H Health Investment.
Founded in 2016, Imperative Care is developing a suite of minimally-invasive neurovascular catheters intended to be used in surgery for stroke patients. The funding will support the commercial launch of two products, the first targeting ischemic strokes which occur when the brain’s blood supply is blocked by clots in the arteries.
The company’s second product will treat haemorrhagic strokes, a less common variant caused by blood vessels rupturing inside the brain. Both products have been approved by the US Food and Drug Administration.
Ally Bridge founder Frank Yu and Andrew Hack, managing director of Bain Capital, will join the company’s board of directors in connection with the series C round.
Imperative Care closed a $3m funding round in April 2017 before adding $21m three months later, according to securities filings. It described Ascension Ventures, Incept, Delos Capital, Rock Springs Capital and 3H Health Investment as existing investors.