Cardiorobotics collects $500K of planned $5M round - Center for Technology Transfer and Enterprise Creation - Carnegie Mellon University

Wednesday, September 8, 2010

Cardiorobotics collects $500K of planned $5M round

Less than one year after raising a $5 million funding round, Cardiorobotics Inc. has started another $5 million round with a $500,000 tranche, according to federal documents.

In the document filed with the U.S. Securities and Exchange Commission, Cardiorobotics lists its headquarters as Raynham, the site of the new facility it established in January. The company was previously based in Newport, R.I., which is where it established its headquarters after being founded in Pittsburgh as a spinoff from Carnegie Mellon University and the University of Pittsburgh School of Medicine. No one was available to comment on the story this morning.

Cardiorobotics, which makes the cardioARM, a snake-like robotic probe controlled remotely that is designed to enable surgeries to be done with minimal or no incisions, initially raised $11.6 million in a Series A round in August of 2009.  Backers in the Series A round included lead investor Eagle Ventures of Pittsburgh, the Pittsburgh Life Sciences Greenhouse and the R.I.-focused Slater Technology Fund. The company followed that up with $5 million in January.

Founded in 2005 as Innovention Technologies, Cardiorobotics moved to R.I. in 2007.

Article Courtesy of Mass High Tech