Thursday, January 22, 2009

ATV jumps into $30M funding for Calif. med tech firm Ardian

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Advanced Technology Ventures has returned to participate in a $30 million tranche of a venture round for Ardian Inc., a Palo Alto, Calif.-based medical device developer, according to an online report.

The total round is worth $60 million, the website Private Equity Hub reported. Spun out of Redwood City, Calif.-based medical device incubator The Foundry in 2003, Ardian is developing a device to treat congestive heart failure. PEHub reported the company had previously raised over $18 million, and return backers include Morgenthaler Ventures and St. Paul Venture Capital.

Advanced Technology, a venture firm with offices in Waltham and Palo Alto, has a portfolio that includes 15 companies in the medical devices space. Partner Michael Carusi represents the firm on Ardian’s board.

Last week Advanced participated in a $22.2 million fourth venture funding round for Cambridge biotechnology company Hydra Biosciences Inc.