Inspire Medical Systems, the US-based sleep apnea device spinout of medical device producer Medtronic, has raised $12.5m in funding, according to a regulatory filing on Tuesday.
The company has not disclosed the identity of the participants in the latest round, but the filing indicates it is targeting $37.5m for a final close.
Founded in 2007, Inspire has developed a US Food and Drug Administration-approved implanted neurostimulation device that treats obstructive sleep apnea by stimulating airway muscles based on a patient’s individual breathing patterns.
The company closed a $40m series E round led by OrbiMed in 2014 that included Medtronic, healthcare group Johnson & Johnson’s JJDC unit, Aperture Venture Partners. Kleiner Perkins Caufield & Byers (KPCB), US Venture Partners, Synergy Life Science Partners, GDN Holdings and TGap Ventures.
Synergy Life Science had previously led a $17m series B round in 2009 featuring Medtronic, KPCB and US Venture Partners before Medtronic, TGap Ventures, KPCB, US Venture Partners, Synergy Life Science and GDN Holdings added $14.5m in 2012.