Venous reflux disease treatment developer Venclose announced that it closed a Series C funding round totaling $27 million.
Venclose develops the next-generation Venclose RF ablation system designed to close damaged veins and restore healthy blood flow in patients with venous reflux disease.
The San Jose, Calif.–based company said that, after securing the $27 million, it now has a sufficient amount of funds to accelerate commercialization of its product portfolio in the U.S., while expanding globally and investing in selective product portfolio additions. Venclose previously closed an undisclosed amount in a Series B round in July 2018.
Ally Bridge Group led the funding round. ABG is a global life science-focused group that seeks to invest in high-growth innovative life science companies, according to a news release.
“Securing this financing further confirms continued investor confidence in Venclose’s successful direction,” Venclose chairman & CEO Jerry Gibson said in the release. “It follows on the heels of having met our Q3 goal that establishes high volume catheter production capability with our strategic manufacturing partner, Viant Medical. Our competitive position and revenue momentum are converging forces that will fuel our success in addressing the unmet needs of physicians and their patients in the treatment of venous reflux disease.”
“With its superior, next-generation product on the market, we are excited to add Venclose into our best-in-class medtech portfolio after leading a total of $365 million investments in two other best-in-class Silicon Valley life science companies — Grail and Pulmonx,” added ABG founder & CEO Frank Yu. “We are pleased to fund the acceleration of Venclose’s U.S. and global commercialization effort as it also invests in expanding its category offerings.”