PETOSKEY — BioStar Ventures, a venture capital fund for medical device and connected health technologies in cardiovascular and orthopedic medicine, announced that it has now raised more than $68 million for BioStar III, its third and largest fund to date.
BioStar I and BioStar II funds collectively totaled $65 million.
Petoskey-based BioStar Ventures says its third fund will continue of the strategies of the first two — investing in companies that support the development of promising medical technologies that address unmet needs. Since inception, BioStar has invested in more than 30 seed or early-stage med-tech companies, with nearly half of those being acquired by leading medical device manufacturers.
“Our business model is to engage world-renowned practicing physicians to provide cutting-edge clinical insight and medical expertise to our team, informing investment decisions and offering enhanced value to both entrepreneurs and investors,” said Louis Cannon, M.D., founder and senior managing director of BioStar Ventures. “The support from our current and new investors, as well as our track record of successful exits, validates that our investment approach helps realize the market potential of health innovations that can improve patient care.”
BioStar III will be focused specifically on medical device innovation within the areas that BioStar Ventures’ physician medical venture partners are recognized as what the company called “key opinion leaders” and current practitioners in cardiovascular and orthopedic intervention.
“Deal flow is tremendous and filled with transformative opportunities,” continued Dr. Cannon. “BioStar III has five investments in the portfolio, two of which have received FDA approval and are preparing for commercialization, and we anticipate several new technologies will be added to the pipeline shortly.”
BioStar Ventures encourages entrepreneurs to apply for funding by submitting an application. For more information about the Company’s evaluation process and to apply, visit http://www.biostarventures.com/#!evaluation-process/c1z78. For more information about BioStar Ventures and its existing investments, visit its website www.biostarventures.com.
BioStar Ventures identifies proprietary technologies that meet unmet patient needs, as well as the acquisition criteria of major medical device companies, and then acts as a value-added investor, providing both capital and clinical expertise to mitigate risk, optimize product development and secure successful exit. BioStar Ventures fills an important funding gap in translational medical device development, making initial investments up to $1 million and typically from $2 million to $6 million over the life of an investment.
More at www.biostarventures.com.