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Canaan Partners leads $9m Series B round for Minimally Invasive Devices

25 Mar 2013

california 2_sqSilicon Valley-based venture capital firm Canaan Partners has led a $9m Series B funding round for Minimally Invasive Devices (MID) to help the medical products maker expand its manufacturing and sales activities.

MID simultaneously announced the appointment of Jim Bobbitt as vice president of sales.

The round was also backed by existing investor Charter Life Science.

MID’s core product is the FloShield vision system, which helps keep video systems used in laparoscopic surgeries clean by using an air curtain to use as a protective barrier over the lens.

Brent Ahrens, Canaan Partners general partner, said, “The problem of dirty lenses in laparoscopic surgery is taken for granted as a cost of using the minimally invasive procedure.

“FloShield is an elegant solution to this very real problem and has the potential to be expanded to other endoscopy platforms. MID is a natural investment for Canaan.”

Back in January Canaan participated in a $31m Series A round for chronic migraine treatment company Labrys Biologics two months after investing $6.3m along with Venture capital heavyweight Sequoia Capital in mobile advertising platform AdNear.

In November it added former Kapor Capital executive and Cubetree co-founder Ross Fubini as a venture partner.

Canaan closed its most recent fund in January 2012 with $600m of commitments to invest in digital media, consumer Internet, enterprise, mobile, biopharmaceuticals and healthcare infrastructure companies.

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