Inspire Medical Systems, a US-based developer of devices to treat sleep apnea, has closed a $40m series E financing round.
OrbiMed led the round, which also featured existing backers Kleiner Perkins Caufield & Byers, US Venture Partners, Synergy Life Science Partners, GDN Holdings, TGap Ventures and medical device company Medtronic.
Spun out from Medtronic in 2007, Inspire previously raised $14.5m from a 2012 series C round and $1.5m from its series B in 2009. Previous backers include Johnson & Johnson Development Corporation, the corporate venturing subsidiary of healthcare company Johnson & Johnson.
The company completed the round to coincide with the commercial launch of its Upper Airway Stimulation system, the first fully implanted treatment for sleep apnea.
Inspire also announced that Richard Buchholz, formerly the chief financial officer of SuperDimension and Vascular Solutions, has been appointed as its new CFO.