Proteus Biomedical Inc., a company developing microscopic electromechanical devices capable of one day treating or preventing congestive heart failure, brought in more than $30 million in its first call for fourth round financing. It’s original goal was $28.6 million, but CEO Andrew Thompson says the company is looking for even more money before the round’s second close, VentureWire reported.
The Redwood City, Calif.-based biotech firm is looking to strike out ahead of its competitors, CardioMEMS Inc. and CardioMetrix Inc., both of which focus on similar therapies for congestive heart failure. Right now, Proteus is working to equip existing treatments with tiny sensors that can deliver feedback on how well they’re working.
The recent funding came from new investor Pacesetter Inc., and existing contributors Adams Street Partners, the Carlyle Group, Essex Woodlands Health Ventures, Spring Ridge Ventures, and several undisclosed entities. Proteus has also been secretive about the exact total raised, saying only that it exceeded $30 million.
Update: Proteus put a finer point on its fourth round of funding on Oct. 16, reporting that it raised a total of $32 million. It also named Itochu and Medtronic as two other corporate investors.
