InterVene, a US-based developer of venous insufficiency technology systems, has raised $15m in a series B round that included participation from medical device maker Boston Scientific.
Venture firm 3×5 Partners led the round that also featured RiverVest Venture Partners, Correlation Ventures and several undisclosed investors.
InterVene is developing the BlueLeaf Endovenous Valve Formation System, a catheter-based device that is designed to treat chronic venous insufficiency, a condition that restricts blood flow from the veins in legs back to the heart.
The device works by creating new vein valves from the inner layer of the patient’s vein wall without the need for an implant.
Fletcher Wilson, chief executive of InterVene, said: “The funds will be utilised to expand our clinical research program abroad and to initiate trials in the US via an investigational device exemption study.
“We expect to further demonstrate safety and clinical effectiveness while we optimise the BlueLeaf System and procedure in preparation for a subsequent pivotal study.”
Boston Scientific led the company’s $5.9m first tranche of a series A round that also included North Texas Angels Network, Green Park, Golf Ventures, LaunchCapital and undisclosed angel investors. The company has not disclosed any other funding rounds.