US-based heart disease monitoring company Aviir said on Monday it would raise up to $30m in its latest round led by local drugs maker Merck’s Global Health Innovation corporate venturing fund.
Merck, which uses bank SVB Financial Group to help advise on investments having set up its $250m Innovation fund for medical technology earlier this year, and its consortium of venture capital firms, Bay City Capital, Aberdare Ventures, and New Leaf Venture Partners, said they would invest $10m initially with up to $20m if performance is good. The three VC firms had previously provided more than $9.3m to the company spun out of research by Stanford University in 2005.
The money will be used to fund commercialization of TruRisk, Aviir’s proprietary cardiac risk assessment technology, and additional molecular testing services provided through Aviir Heart Laboratories.
Inverness Advisors, a division of Kema Partners, was the placement agent and law firm Stradling Yocca Carlson & Rauth was legal counsel to Aviir.