Venclose closes $27M Series C funding to develop new solutions for the treatment of venous reflux disease

Venous reflux disease, also known as chronic venous insufficiency (CVI). CVI is a progressive medical condition affecting more than 40 million adults in the United States alone. Venclose is a Silicon Valley medical technology startup developing next-generation solutions for the treatment of this disease. The VENCLOSE RF Ablation System offers physicians more versatility than earlier generation endovenous radiofrequency ablation technologies and is commercially available in the United States and Europe.

Yesterday, Venclose announced it has closed its Series C funding led by Ally Bridge Group (ABG). ABG is a global life science-focused group with a successful investment record globally in supporting high-growth innovative life science companies.

Founded in 2014, the San Jose, CA-based medical technology startup’s VENCLOSE System is the next-generation, best-in-class endovenous RF ablation system designed to close the damaged vein and restore healthy blood flow in patients with venous reflux disease, a progressive medical condition which is often associated with varicose veins.

“Securing this financing further confirms continued investor confidence in Venclose’s successful direction,” said Venclose Chairman and CEO Jerry Gibson. “It follows on the heels of having met our Q3 goal that establishes high volume catheter production capability with our strategic manufacturing partner, Viant Medical. Our competitive position and revenue momentum are converging forces that will fuel our success in addressing the unmet needs of physicians and their patients in the treatment of venous reflux disease,” Mr. Gibson added.

With the closing of this funding, Venclose anticipates that it will have the necessary funds to accelerate its commercial footprint in the US, expand globally, and invest in selective product portfolio additions.

“With its superior, next-generation product on the market, we are excited to add Venclose into our best-in-class medtech portfolio after leading a total of US$365 million investments in two other best-in-class Silicon Valley life science companies – GRAIL and Pulmonx,” said Frank Yu, Founder and Chief Executive Officer, Ally Bridge Group. “We are pleased to fund the acceleration of Venclose’s US and global commercialization effort as it also invests in expanding its category offerings,” Mr. Yu added.