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VC Funds Invest $203.9M in 64 Michigan Deals Through September

Sunday, October 15, 2017   (0 Comments)
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The number of venture capital deals in Michigan held relatively steady through the third quarter of 2017 compared to the same period a year earlier, although the amount invested declined.

Venture capital funds invested $203.9 million in 64 deals in Michigan during the first nine months of the year. That compares to 66 deals for $262.7 million through three quarters of 2016, according to a quarterly report from Pitchbook.com and the National Venture Capital Association.

The statistics include both venture capital and angel investments.

In the third quarter alone, Pitchbook counted 22 deals in Michigan for $46.6 million, versus 23 deals for $133.7 million in the July-to-September period of 2016.

The lone venture capital investment in West Michigan during the third quarter was in Innovative Cardiovascular Solutions LLC, which in July closed on $5 million in a Series B angel round. The Kalamazoo-based company has been developing a device for use in transcatheter aortic valve replacement that collects debris in the blood that’s dislodged during the procedure, reducing the chance of a blockage and preventing a potential stroke or other neurocognitive damage in the patient.

The company’s Emblok Embolic Protection Catheter that’s used in heart procedures was involved in a clinical trial in Italy, with pending plans for a U.S.-based clinical trial. With the recent influx of angel capital, Innovative Cardiovascular Solutions has raised a total of $10 million to support development of the device.

At the time, CEO Kevin Plemmons told MiBiz the company’s capital raise was oversubscribed as it courted investors from across the U.S., including from many physicians who perform the procedure.


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