Novate Medical Ltd., a Galway, Ireland-based development stage medical device company, has raised €8.7m in Series B funding.
The round was co-led by Crédit Agricole Private Equity and Seroba Kernel Life Sciences, with participation from existing investors ACT Venture Capital and Seroba Bioventures, which led a €4m funding in 2007.
The company intends to use the new capital to advance the clinical development of its inferior vena cava filter device (IVC filter) for the prevention of Pulmonary Embolism in patients at transient high risk for Pulmonary Embolism in the USA and Europe.
In conjunction with the funding, Bruno Montanari of Crédit Agricole Private Equity and Daniel O’Mahony of Seroba Kernel will both join Novate’s board.
The company was founded in 2006 by Chas Taylor and Paul Gilson.