SurgiQuest plans to use $18.5 million in new Series D venture and debt financing to boost its global sales capacity and commercialization effort for the company's minimally invasive surgical devices and tools.
Ares Capital financed the debt portion of the deal, providing an $11 million credit facility, SurgiQuest explains in its funding announcement. Equity financing fills out the difference. The company noted that all previous investors participated in that part of the financing, and they include River Cities Capital Fund, Fletcher Spaght Ventures, CMEA Ventures, California Technology Ventures Aphelion Medical Fund and others. The investment is no surprise, as surgical tools are a reliable business and tools that enable minimally invasive surgery can lessen hospital stays and help manage health care costs--all major areas of focus these days.
SurgiQuest first launched in May 2006 and is based in Milford, CT. One of the company's lead products is the AirSeal Access System, which helps provide "valve free" abdominal cavity access during both laparoscopic and robotic surgeries. It's designed, in part, to remove smoke when surgeons are using cauterization or using laser surgical tools, the company explains.
The company previously raised $19 million in July 2011.
- read the release
SurgiQuest closes $19M round
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