Versant backs new, medtech-focused Vensana Capital fund, launching with $225M

Versant's former medtech practice leader Kirk Nielsen (left) and NEA's Justin Klein, M.D., J.D., (right) will serve as Vensana's co-founders and managing partners. (Image: Vensana)

Vensana Capital—an independent, medtech-focused venture capital investment firm supported by Versant Ventures—has launched with a $225 million fund and ambitions to support new breakthroughs in medical devices, diagnostics and data science.

With locations in Minneapolis and the Washington, D.C. area, Vensana was co-founded by Versant’s Kirk Nielsen and New Enterprise Associates’ Justin Klein, who between them have helped gather more than $1 billion in capital raises for healthcare startups and supported the development of nearly three-dozen FDA-approved products.

Vensana’s oversubscribed fund was raised from a range of institutional investors, including public pensions, endowments, foundations, academic health systems, family offices and funds-of-funds, according to the firm.

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“Our team aims to be the capital partner of choice for leading medtech entrepreneurs, investors, and strategics,” said Klein, who serves as managing partner along with Nielsen. “Together, we share a deep, personal commitment to medtech entrepreneurship and innovation, and we believe in the opportunity to build great companies that can both improve the lives of patients and deliver exceptional returns for our partners.”

Vensana aims to focus on clinical- and commercial-stage companies—including those developing digital health and drug delivery systems—as well as providers of tech-enabled healthcare services, the firm said. Following the launch, Versant Ventures will continue to provide administration and operations support.

RELATED: Versant closes two new biotech funds totaling $700M

“We are very proud of Vensana having reached this critical milestone and the overall achievements of Kirk and Justin in launching this unique platform to foster development of valuable new companies in an important yet underserved sector of the life science ecosystem,” said Versant’s managing director and chairman, Brad Bolzon. “While Vensana will take an independent course, we look forward to maintaining our collaborative relationship for many years to come.”

Two supported companies listed on Vensana’s website so far include Intact Vascular and Vesper Medical. Intact is marketing an FDA-approved device to repair dissections or tears in peripheral arteries following a balloon angioplasty while Vesper is developing a venous stent system for the pelvis and upper legs.

RELATED: NEA helps vascular repair firm Intact to $20M round

Alongside principal Cynthia Yee and Greg Banker as senior associate, Vensana also includes an advisory board of senior operating executives, medtech entrepreneurs and policy experts.

“We are grateful for the trust and confidence of our limited partners, and for the support of the Versant team, in launching Vensana Capital,” Nielsen said. “Medtech will continue to play a critical role in the healthcare system of the future, and we are excited to partner with entrepreneurs whose innovations will improve outcomes and lower the cost of care.”

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