Gimv et al. back Jenavalve

Ellie Pullen
23 July 2013

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A consortium of venture capital investors has injected $62.5m as part of a series-C round for Jenavalve Technology, a Germany-based medical devices manufacturer.

The round, which was led by Gimv, also saw participation from fellow incoming investors Legend Capital – the venture capital arm of Beijing-based Legend Holdings – and Omega Funds.

A number of existing investors also took part in the round, led by Paris-based Edmond de Rothschild Investment Partners (EdRip). Atlas Venture, Neomed Management, VI Partners and Sunstone Capital all reinvested in the company.

The substantial cash injection will allow Jenavalve to finance its clinical trials, as well as attempt clinical expansion into the US and pursue regulatory approval in China for its main product, the transcatheter aortic valve implantation (Tavi).

Previous funding
Jenavalve's series-B round took place in March 2010. The company raised €19m from lead investors Sunstone and VI Partners as well as Gimv, Atlas, EdRip and Neomed, according to unquote" data.

Prior to this, Jenavalve raised a total of €13.5m in a two-part series-A funding round. Atlas first contributed €3.5m to the company in May 2007; this was followed by a further €10m investment from EdRip and Neomed in September that year, as well as an additional contribution from Atlas.

Company
Founded in 2006, Jenavalve is headquartered in Munich. The company manufactures Tavi systems, which are designed to treat aortic valve disease. The Tavi system allows the implantation of a bioprosthesis for the aortic valve, designed to align with and anchor to a patient's native valve. Jenavalve recorded revenues of $6m for 2012.

People
Helmut Straubinger is the president and CEO of Jenavalve. Gimv partner Patrick van Beneden led the deal for the firm and sits on Jenavalve's board of directors. Jenavalve's board also includes Atlas partner Peter Barrett; Neomed founder and managing partner Erik Amble; VI general partner Arnd Kaltofen-Ehmann; and EdRip partner Olivier Litzka. Ouyang Xiangyu is the managing director of Legend Capital.