VCs exit BiancaMed in trade sale

Greg Gille
07 July 2011

Tweet
Facebook
LinkedIn
Google plus
Send to

VC-backed Irish medical equipment company BiancaMed has been acquired by ResMed, in a deal that values the company at less than $50m.

Seventure, which led a €6m series-B round of funding for BiancaMed in 2009, reaped a 50% IRR on its investment – equating to a 2-2.5x money multiple. This was the French VC's first investment outside of continental Europe.

The 2009 round also involved VCs DFJ ePlanet Ventures and Enterprise Ireland. ResMed – a developer, manufacturer and distributor of medical equipment for treating, diagnosing and managing sleep-disordered breathing and other respiratory disorders – also contributed to the 2009 round.

Seventure has been pleased with the company's achievments since then, as it managed to develop strategic partnerships with several corporations in order to advance the development of its products towards commercialisation.

Progress was also made in the medical applications of BiancaMed's technology. This dual product application – for both consumers at large and healthcare professionals – was seen by Seventure as a major factor in BiancaMed's attractiveness to a buyer, making it a less risky proposition than if it was only targeting medical applications.

Company
Dublin-based BiancaMed aims to provide convenience in personal health monitoring with a sleep tracking technology for conditions like sleep apnoea. Its first product, SleepMinder, is a device for the measurement of sleep and breathing in the home.

BiancaMed will launch SleepMinder later this year and expects to beak even in 2012.

People
Isabelle de Cremoux and Iain Wilcock handled the transaction for Seventure Partners. Conor Hanley is CEO and co-founder of BiancaMed.

Advisers
Company – William Fry (Legal).