Medical device startup TransEnterix lands $55 million in venture financing
Get the latest news alerts: Follow LTW at Twitter.
Local Tech Wire
RESEARCH TRTIANGLE PARK, N.C. – TransEnterix, a three-year-old startup that is developing a minimally invasive surgical platform, is going to take it to market with $55 million in new venture capital financing.
Aisling Capital led the Series B round with participation from new investors Intersouth Partners of Durham and Quaker BioVentures. Existing backers SV Life Science Advisers, Synergy Life Science Partners and Parish Capital Advisors also participated in the round.
TransEnterix, which has raised $75 million in venture capital, is focused on laparoscopic surgery, which involves operations through a small incision and surgeons are assisted by a video camera. The device has been approved by the Food and Drug Administration and was designed with the help of physicians.
Its system is called Spider, which is an acronym for Single Port Instrument Delivery Extended Reach. In September, the Society of Laparoendoscopic Surgeons picked the Spider as its innovation of the year. TransEnterix plans to begin marketing Spider early next year.
Unlike other devices, Spider enables surgeons to operate with one small incision.
“We are pleased with the confidence our distinguished investors have expressed in the TransEnterix team, our technology and the potential it offers for completely changing how laparoscopic surgeries are performed,” said Todd Pope, chief executive officer at TransEnterix.
Garheng Kong of Intersouth and Andrew Schiff of Aisling will join the TransEnterix board as part of the deal.
Synecor, a business accelerator in Durham, launched TransEnterix.
“This new capital enables TransEnterix to scale its manufacturing and commercial operations in the Research Triangle Park in preparation for U.S. market launch,” he said in a statement. “RTP is an emerging med-tech region and we’re excited to build TransEnterix here.”
The company, which currently employs 31 people, will add new employees over the next few months, according to media reports. Pope, a longtime resident of Raleigh, told the Triangle Business Journal that the company would hire 50 people.
Featured
Hot Off The Wire
- Red Hat's new Fedora lead; Cree LED breakthrough; Google, Cisco top 'green' list; Oracle rejects SAP settlement; Yahoo board shakeup
- Will Cisco report progress in its turnaround efforts?
- Cisco server fire threat; Lenovo Android upgrade; cloud startup vs. Cisco; Epic's Blesinski to host awards; Google 'Solve for X'
E-mail Preferences
The Skinny
- Groundwork Labs refocuses mission as Triangle Startup Factory nears launch
- Epic Games' Tim Sweeney reaps arts Hall of Fame honor today
- Charlotte's startup efforts pick up steam as more data pours in
- 'Battle in Bay 7' returns - Are you techies ready for some basketball?
- Inside RTP's new angel fund: Founders meeting 'significant' need
- Who won 'Social Bowl'? Super Bowl ads paying fans to play
- RTP broadband firm Overture, minus two top execs, launches new look
- Will RTP-based ChannelAdvisor go public? They're thinking
- What brands are winning Super Bowl hype? Two Durham firms to find out
- In Super Bowl of social media, Patriots win, Triangle firm says