Growth capital investor BGF has announced a €6 million equity investment in Vasorum, a Dublin-based medical devices firm.
BGF in Ireland is supported by the Ireland Strategic Investment Fund (ISIF) and the main Irish banks.
Vasorum specialises in devices used to close arterial punctures in vascular, cardiology, radiology and neuro-radiology procedures.
The company developed and markets the CELT Arterial Closure Device ("ACD"), which is used to close femoral artery punctures.
The device was FDA approved in 2017, and has been used in over 70,000 patients to date.
The company said BGF’s investment will be used to accelerate the commercial roll-out of CELT ACD in the United States and to invest in new product development.
Vasorum Founder and CEO, Dr. Jim Coleman, welcomed the investment from BGF.
"BGF shares our vision for growing this business over the coming years and will assist us to realise our ambitions," he said.
Mark Sykes, Investor at BGF, said they look forward to supporting the Vasorum team.
"Its CELT ACD already has industry-leading performance, and it is well advanced in new product development programs, which have the potential to revolutionise vascular closure in structural heart, ventricular assistance and endovascular aneurysm repair," he said.
Vasorum is the seventh investment which BGF Ireland have closed in the last two years.
BGF’s portfolio of Irish business now spans multiple sectors including medical devices, software, aerospace engineering, security and residential construction.
