Louisville, Colo.’s Medivance, a maker of thermal-cooling systems for hospitals, raised $23 million in a fourth funding round. Investors included Cross Atlantic Partners, Camden Partners, Skyline Ventures, Partisan Management and MDY Healthcare. The company said a “major institutional investor” led the round.

Medivance makes and sells a patient-cooling system it calls the Arctic Sun, which can be used to lower the body temperature of patients with high fevers or who are otherwise at risk of organ or tissue damage that could be prevented by inducing a state of controlled hypothermia. The non-invasive system consists of cooling pads that are placed on a patient’s torso and limbs and a control unit.

According to VentureWire (subscription required), several companies are interested in the cooling market:

Body cooling has attracted considerable attention from entrepreneurs and VCs, as companies like QuickCool AB, BeneChill Inc., Radiant Medical Inc. and Alsius Corp. are tackling the same market. Norman Weldon, the other Partisan managing director, said that a good reason for Medivance’s success to date is that unlike some of its competiton, its device is non-invasive. “We came up with an approach that has had a very strong safety profile,” he said.