Microfabrica Secures $22.5 Million Funding to Grow Its Medical Device Business

Microfabrica, Inc., a leading developer of micro-devices, has closed $22.5 million in Series B financing co-led by venture capital firms Versant Ventures and Interwest Partners. Previous investors in the company include Draper Fisher Jurvetson, DynaFund Ventures, Chevron Technology Ventures, and Partech International who also participated in the round.The Series B investment will be primarily targeted at the expansion of Microfabrica’s products and capabilities in minimally invasive medical devices. In addition, the funds will continue to expand production capacity and capabilities in the company’s growing electronics and defense businesses.

Three new members were added to the now six-member Microfabrica Board. The new Board members are: Warren Packard, General Partner of Draper, Fisher & Jurvetson; Michael Sweeney, General Partner of Interwest Partners, and Kevin Wasserstein, Managing Director of Versant Ventures. Additional members of the Board are: Vacit Arat, Microfabrica President and CEO; Adam Cohen, Microfabrica Executive VP and CTO; and Eugene Chen, USGI President & CEO (independent Director).

“Microfabrica is a visionary company, pursuing a fundamental new wave in medical device development — micro-devices — the next generation of minimally invasive medical devices,” said Kevin Wasserstein, Managing Director at Versant Ventures. “Microfabrica’s remarkable technology enables extraordinarily sophisticated and unique metal micro-scale/MEMs-scale devices and micro machines which were previously impossible or impractical to design and manufacture.”

“The capabilities and solutions that have already been demonstrated by Microfabrica are just the tip of the iceberg,” said Michael Sweeney, General Partner at Interwest Partners. “We believe that Microfabrica can revolutionize device development, and enable a wide variety of solutions to address unmet clinical needs.”

“We are delighted with this strong vote of confidence from two of the most prominent venture capital firms in the medical device field,” said Vacit Arat, President and CEO of Microfabrica, Inc. “This investment further enables us to deliver pioneering solutions to patients worldwide.”

Source: salesandmarketingnetwork.com

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