The corporate venturing unit of Switzerland-based healthcare company Novartis has reinvested in local medical device maker MyoPowers’ CHF16m ($19m) round.
Venture capital firm Truffle Capital is leading MyoPowers’ series B round, which also includes new investors BlueOcean Ventures and two unnamed private investors. All investors in the company’s $5m series A round last year, including Novartis, investment firm Gran Plasa and venture firm Initiative Capital Romandie, joined the latest round, which means the company has now raised about $24m.
MyoPowers is developing artificial muscles for patients with sphincter dysfunction and incontinence.
Recently Novartis led a $36m extension Series B financing by US-based pharmaceutical company Sorbent Therapeutics, a drugs maker for kidney failure.