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Third-quarter venture capital $73.3
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Third-quarter venture capital $73.3
spending in Minnesota million
Company, location Amount
Business Investors raised
MEDICAL DEVICES & EQUIPMENT Investment: $42.1 million Pct. of total: 57.5
Atritech Inc., Plymouth Prism Venture Partners, St. Paul Venture Capital Inc., $22 million
Develops cardiovascular devices for the SightLine Partners, Tullis Dickerson & Co. Inc.,
treatment of atrial fibrillation undisclosed venture firm, Affinity Capital Management,
undisclosed corporate investor, undisclosed investor,
Thoma Cressey Bravo, Edwards Lifesciences
Cardiovascular Systems Inc., New Brighton Maverick Capital Ltd., Easton Hunt Capital Partners $18 million
Designs clinical devices for the treatment
of cardiovascular disease
Iasis Medical Inc., Hastings Sutter Hill Ventures, Sequel Venture Partners $1.5 million
Develops technology to treat
gynecological disorders
RespirTech Inc., St. Paul Whitecliff Capital Partners $300,000
Develops treatments for those who
suffer from cystic fibrosis
Spinal Designs International Inc., Minneapolis Aavin Equity Advisors $235,000
Develops noninvasive products and therapies
to relieve lower back pain
Celleration Inc., Eden Prairie Aavin Equity Advisors $50,000
Formerly known as Advanced Medical
Applications Inc., develops non-contact
therapeutic ultrasound technology
INDUSTRIAL/ENERGY Investment: $16.2 million Pct. of total: 22
Sage Electrochromics Inc., Faribault Undisclosed corporate investor, H.B. Fuller Ventures, $16 million
Manufactures electrochromic glass products RAIN Source Capital Inc., Applied Ventures,
Good Energies Inc.
Century Controls International Inc., Eagan The Whitecliff Group $150,000
Manufactures controls for commercial and
industrial boilers and compressors
INFORMATION TECHNOLOGY SERVICES Investment: $11.8 million Pct. of total: 16
eBureau Inc., St. Cloud Undisclosed investor, Redpoint Ventures, $11.8 million
Formerly known as xTech Inc., provides risk- Split Rock Partners
management and fraud-prevention products
SOFTWARE Investment: $3.3 million Pct. of total: 4.5
Kardia Health Systems Inc., Rochester Undisclosed investor, Mayo Medical Ventures $2.5 million
Develops workflow management software
for echocardiography laboratories
Sinex Aviation Technologies Corp., Duluth Whitecliff Capital Partners $828,000
Develops production software for the
aircraft maintenance industry
Source: PricewaterhouseCoopers/Thomson Venture Economics/National Venture Capital Association MoneyTree Survey
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