BioStar Ventures said yesterday that it raised $68 million for its BioStar III fund, its largest fund for the company to date.
The funds are slated to be invested in medical technology companies with a focus on cardiovascular and orthopedic medicine, the Petoskey, Mich.-based company said.
“Our business model is to engage world-renowned practicing physicians to provide cutting-edge clinical insight and medical expertise to our team, informing investment decisions and offering enhanced value to both entrepreneurs and investors. The support from our current and new investors, as well as our track record of successful exits, validates that our investment approach helps realize the market potential of health innovations that can improve patient care,” founder Dr. Louis Cannon said in prepared remarks.
BioStar has invested in more than 30 young companies so far, including Kona Medical, Ablative Solutions and OrthoSpace, and nearly half of the businesses have been acquired after the investment, the company said.
“Deal flow is tremendous and filled with transformative opportunities,” Dr. Cannon said. “BioStar III has 5 investments in the portfolio, 2 of which have received FDA approval and are preparing for commercialization, and we anticipate several new technologies will be added to the pipeline shortly,” Cannon said.