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Vivo Ventures ties up $26m financing round for SentreHeart

6 Jun 2012

Vivo Ventures has joined existing investors US Venture Partners and Prospect Ventures in a $26m financing round for medical device company SentreHeart.

The business produces a device called LARIAT it claims makes it easier for surgeons to apply surgical sutures and tie knots during open procedures.

Vivo managing director Chen Yu will join the SentreHeart board of directors as part of the Series C funding deal.

SentreHeart president and CEO Paul Buckman said, “We are delighted to have the continuing financial and strategic support of these top investment firms.

“The LARIAT Suture Delivery Device has the potential to transform certain open surgical procedures traditionally performed in the operating room into more cost effective procedures that can be performed in the catheterization lab, where only a small piece of suture is left behind.

“We believe it may have application in more than 2.5 million procedures annually which represents a $1.6bn market opportunity worldwide.”

US and China-focused health investment firm Vivo closed its seventh fund on $375m in February, bringing the firm’s total funds under management to more than $1bn.

Investors in Vivo VII include pension funds, funds of funds, university endowments, foundations, financial institutions, and family offices, according to the firm.

In addition to limited partners that participated in earlier funds, Vivo said its seventh vehicle added new institutional investors from the US, Europe, and Asia.

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