Pharmaceutical company Malin Corporation has committed $15m to the latest fund to be raised by US-based venture capital firm Hatteras Venture Partners (HVP), which reached a $91m first close yesterday.
HVP aims to raise $150m for its fifth fund, according to a regulatory filing. It invests across the healthcare technology spectrum, funding startups developing technology centred on medical devices, diagnostics, discovery science and clinical platforms, and healthcare IT.
Malin’s investment could potentially increase to $20m and was made as part of a strategic agreement that could involve it co-investing with HVP on some deals. Tthe Ireland-based company went public in a $370m initial public offering in March this year.
Other limited partners in the fund include pharmaceutical firm GlaxoSmithKline, genomic testing services provider LabCorp and University of North Carolina at Chapel Hill, according to local newspaper The News and Observer.
HVP, which has so far recruited 20 LPs for the fund, will invest at seed and early-stage, and will allocate 20% of the capital raised to its seed unit, Hatteras Discovery. It did the same with its $125m fourth fund in 2013.
The fundraising was revealed at the same time as an investment of up to $1m by HVP in Jaan Health, the US-based developer of Phamily, a mobile and web platform that coordinates community care and helps source family help in changing patient behaviour.