Nexstim, a Finland-based medical device company, has raised €11.4m ($16m) for its non-invasive brain diagnostic and therapy technologies.
Lundbeckfond Ventures, the Denmark-based Lundbeck Foundation’s life sciences investment entity known as LFI Life Science Investments until November, led the consortium investing in Nexstim.
Finnish pension fund Ilmarinen Mutual Pension Insurance Company, state development agencies Sitra and Finnish Industry Investment and venture capital firms HealthCap and Life Sciences Partners were also part of the consortium.
Lundbeckfond Ventures is a new evergreen life science venture fund to invest €20m per year and up to €7m per company.
Casper Breum, investment director at Lundbeckfond Ventures, will join Nexstim´s board. He said: "Now that Nexstim has proven the clinical value of its technology in neurosurgery, we are able to help the company realize its potential to become a significant player in the fast-growing global neurodiagnostic and neurotherapy markets."
Nexstim’s previous round raised €6m in March 2009, to take its then funding aggregate to €20m since launch in 2000.
Separately, Christian Dyvig has been appointed managing director of the Lundbeck Foundation and Lundbeckfund Invest, the parent of Lundbeckfond Ventures, to succeeds Steen Hemmingsen from the start of June.
Dyvig is managing director of advisory firm CP Dyvig and previously worked at buyout firm Nordic Capital and investment bank Morgan Stanley.