Adavium Medical (formerly known as ADVANCE Medical), a Sao Paulo, Brazil-based medical equipment and diagnostics company, raised $21m in Series C funding.
Backers included new investors CVF, LLC, an affiliate of Henry Crown and Co., and existing investors Venrock, Aberdare Ventures and Arboretum Ventures.
In addition to the funding, The company also announced the acquisition of Brazilian clinical diagnostic companies Alka Tecnologia and Hemogram Industria e Comercio.
The company is using the funds to finance these and other acquisitions, and to strengthen strategic capabilities.
Led by Fred Aslan, MD, Chief Executive Officer, and newly added Chief Operating Officer and President of the Diagnostics division Claudia Goulart, former CEO of GE Healthcare for Latin America, Adavium Medical is a medical equipment and clinical diagnostics company operating which partners with international companies to bring products to Brazil, and develops and commercializes proprietary, value-based products that complement them and serve the unmeet needs of the majority of the market. It has two divisions:
– medical devices, focused on esthetics, dermatology, plastic surgery, vascular surgery and gynecology; and
– clinical diagnostics, offering equipment and reagents used by clinical laboratories.