Wellington Partners, Seventure Partners lead $8.5m Series A for Middle Peak Medical


hospital_health_170sqHealthcare-focused venture capital firm Wellington Partners and Seventure Partners have co-led an $8.5m Series A round for development-stage medical device company Middle Peak Medical.

The company said it will use the funds to further develop its technology for treating mitral valve disease and establish some of its clinical and regulatory operations in Europe. Its research and development centre will remain in Palo Alto.

Wellington’s general partner Regina Hodits said, “Middle Peak’s strong management team, including serial entrepreneurs Dr. Lesh and his co-founder, Alex Khairkhahan, have created a truly novel, elegant device addressing all major manifestations of mitral valve disease.

“We have evaluated a number of technologies in the mitral space, and have not seen anything comparable. I look forward to working with them to take the company to the next level.”

Wellington, which has €800m under management, invests in European startups in the digital media, resource efficiency and life sciences sectors.

Last month the firm participated in waste heat recovery technology supplier Orcan Energy’s second round alongside energy company E.ON and venture capital firm Kleiner Perkins Caufield & Byers.

Copyright © 2013 AltAssets