California-based Versant Ventures said it will open a Twin Cities office next month.
The venture firm invests in early-stage medical device and biotech firms out of a $500 million fund.
Versant is an active investor in Minnesota companies. Versant has funded local medical device firms Lutonix, Zyga Technology and RespiCardia, as well as healthcare technology business RedBrick Health. Lutonix, which makes drug-coated balloon catheters, sold for $225 million last year to New Jersey-based medical technology company C.R. Bard.
Kirk Nielsen, a Versant managing director, said he believes Minnesota is a great place to build companies.
“Our opening of an office there is a sign of our long-term commitment to the region,” Nielsen said.
Nielsen will be only investment professional in the Twin Cities office. Prior to joining Versant, he was a sales representative for Medtronic’s Cardiac Rhythm Management division.
Versant currently has three offices in Menlo Park, Newport Beach and San Francisco, California.