US-based drug delivery device developer Ivenix has raised $10m in a round featuring medical product group WuXi PharmaTech that it aims to close at $50m.
The tranche was co-led by two unnamed new investors, and the participants included WuXi PharmaTech’s corporate venturing unit, WuXi Healthcare Ventures, and F-Prime Capital Partners, a subsidiary of financial services group Fidelity Investments.
The funding was provided by 18 investors and represents the first tranche of an expected three, according to a regulatory filing, which states the investment was closed on March 7.
Founded in 2001 as Fluidnet, Ivenix is developing infusion pump technology to administer drug infusions accurately while also managing each patient’s infusion data.
The new capital increased the company’s overall funding to approximately $97m in equity and $2.8m in debt, according to securities filings.
WuXi Healthcare Ventures led Ivenix’s $42m series D round in 2015, investing alongside existing backers F-Prime, then known as Fidelity Biosciences, Cardinal Partners, Cica, Easterly Capital and SCP Vitalife Partners.
– This article was amended on March 21, 2017 to reflect a press release issued by Ivenix.