A group of venture capital firms have re-upped their investment in medical devices maker Holaira through a $10m Series C round.
Advanced Technology Ventures, Morgenthaler Ventures, Split Rock Partners and Versant Ventures all took part in the round.
Holaira, which specialises in devices to treat obstructive lung diseases, will use the proceeds to fund development of its minimally-invasive products.
The company is currently working on a catheter-based system for a procedure called Targeted Lung Denervation, which could potentially make breathing easier for patients with chronic obstructive pulmonary disease (COPD).
Holaira noted that more than 64 million people around the world suffer from the disease, with 13 million of those in the US.
Dennis Wahr, president and chief executive of Holaira, said, “The completion of this financing signals continued confidence in the direction of our program to develop a system to enable a minimally invasive bronchoscopic treatment for COPD.”
Holaira, formerly known as Innovative Pulmonary Solutions, also announced the opening of the new corporate headquarters in Minneapolis.
Wahr added, “The relocation of the company, along with our new corporate identity, sets the stage for the next level of product development and our future clinical trials.”
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