Boston area-based design firm Precision Ventures closed its initial funding for the Precision Ventures II fund.
Backers included LaunchPad Venture Group and River Valley Investors as well as individual investors.
The funds will be used to develop Precision Ventures II’s new portfolio of consumer health products and medical devices.
Incepted in 2012 and led by Josh Wiesman, President and CEO, the Precision Ventures team has licensed the rights to three products it has developed.
Products include pacifiers and sippy cups that minimize dental issues later in life as well as modern countertop and portable sterilizer systems that, among other things, provide parents with a convenient solution for maintaining sterility of baby products.
Agreement have been signed with multiple global brands including TOMY, Inc. (The First Years), Miomee, and Tommee Tippee.