A Medical Device Daily
Medical device incubator The Foundry (Menlo Park, California) reported that it has completed a $5 million Series A financing for its 11th new company, led by Morgenthaler Ventures and Split Rock Partners, and added two new managing partners, Erik Engelson and Jeffry Grainger. Both of the new partners have extensive experience in the formation and growth of successful medical device companies. They join existing managing partners Hanson Gifford III, Mark Deem and Kara Liebig.
"With the closing of this financing and our enhanced team, we are poised to break exciting new ground with our 11th company," said Gifford.
Foundry Newco XI is currently not disclosing its product or market plans.
Split Rock Partners and Morgenthaler Ventures co-led the Series A financing. Allan Will, founding managing director of Split Rock Venture Partners, will continue as chairman of The Foundry, and Hank Plain, partner of Morgenthaler Ventures, will continue to serve as vice chairman.
In other financing news, Cantimer (Norwood, Massachusetts) and Advanced Instruments (AI; Menlo Park, California) reported that AI had made a $1 million equity investment in Cantimer. The two companies also reported their intention to collaborate on the development of a new generation of laboratory instruments for osmolality measurement, incorporating Cantimer's proprietary sensing technology.
Cantimer's focus over the last several months has been on completing the development of an easy-to-use, hand-held device for the quantitative assessment of human dehydration from saliva. Cantimer's device, when available, is expected to facilitate convenient and reliable monitoring of the at risk population, including firefighters, military personnel, athletes at every level, infants and the elderly - providing critical early intelligence and thereby enabling timely and effective intervention at the point of need.
As part of the arrangement, AI's CEO, John Coughlin will join the Cantimer board.
AI is a supplier of freezing-point cryoscopes and osmometers used in dairy, clinical, pharmaceutical, and biotechnology laboratories. The company also produces Fiske Associates brand diagnostic instruments and operates Spiral Biotech, D&F Control Systems, Mart Microbiology, and Delta Instruments as wholly-owned subsidiaries.