Minimally Invasive Devices adds another $2.5M to $9M fundraising round

July 22, 2013 by Sony Salzman

Ohio-based Minimally Invasive Devices lands an extra $2.5 million investment, capping a $11.5 million fundraising round.

Minimally Invasive Devices LLC logo

Ohio-based Minimally Invasive Devices capped an $11.5 million Series B funding round with a final $2.5 million investment from Radius Ventures, according to a company statement.

MID said it's putting the new cash into marketing and sales for its FDA-cleared device for laparoscopic surgeons, the FloShield vision system.

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Canaan Partners and Charter Life Sciences brought the company most of the way in the financing round, contributing $9 million to the Series B back in March.

The FloShield device is the 1st of its kind with features that help prevent camera obfuscation during laparoscopic surgery, according to the company. Modern video systems have little means of preventing fat, smoke or other contaminants from blocking the view while the camera's inside a patient, resulting in camera removal and cleaning up to 10 times an hour, MID said.

"FloShield has hit a bullseye in delivering on the number 1 need of all laparoscopic surgeons – that is, avoiding loss of vision due to debris and fogging of the lens, particularly during long, complex procedures," said Radius Ventures partner Jordan Davis in a prepared statement.