Venture capital firm Seroba Life Sciences is reportedly considering several candidates for the $107.7 million (EU €100 million) investment fund it just launched.
Seroba’s fund itself is supported by Enterprise Ireland’s $188.4 million (EU €175 million) seed and venture capital program, as well as the $8.6 billion (EU €8 billion) Ireland Strategic Investment Fund and the European Investment fund.
The firm said it closed the fund on Thursday and announced that its 1st investment would be in Ireland’s Endotronix, according to an Irish Times report. Endotronix is developing the Cordella heart failure system.
The Cordella system is composed of a wireless cardiac monitor and a miniature pressure sensor that’s designed to be implanted in a patient’s pulmonary artery to wirelessly return PA pressure to portable reader device. Data from the device can be transmitted to healthcare providers through a wireless link to Endotronix software, and is stored and analyzed by the company’s system.
Seroba Life Sciences is also close to announcing a 2nd company it will invest in, according to the report.
The fund will focus on new companies developing drugs, devices and treatments with a strong return on investment, according to the report. The fund will tofus on Irish, British and European businesses, but will consider US companies who want to establish an EU presence.
An estimated 10 to 12 companies will be supported by the fund, typically receiving approximately $10.8 million (EU €10 million) each.
“We have got a very good pipeline. We feel that this is an excellent time to launch a new life-sciences fund as there is a strong pipeline of investment opportunities and an ongoing robust demand for new, innovative products from the healthcare industry,” fund managing partner Peter Sandy’s said, according to the Irish Times report.
